Azerbaijan's Economic Development Ministry is about to complete work on the preparation of proposals and submit them to the Presidential Administration of the Country by the end of the week, Heydar Babayev, Azerbaijan's Economic Development Minister said, Trend reports.
The proposals have been prepared by the Economic Development Ministry taking into consideration the opinions of other Ministries and Agencies. According to the Minister, they will be formed to a form of Presidential decree or order. Though, the last report from the World Bank on the convenience of business management included some inaccuracies, the Azerbaijani Government is ready to take measures to remove all claims, said the Minister.
The proposals are concerned with reducing the business registration period, as well as dual interpretation of some enactments, etc. We want to reduce the number of days in Azerbaijan, which are necessary for launching a business (according to the WB report, that is 53 days). We wish to offer assistance regarding entrepreneurship via new forms of aid thereby increasing volumes of financing via the National Fund for Entrepreneurship Support, and approach the solution macro-economically, pointed out Mr. Babayev. With this aim, it is proposed to reduce the speed of financing via the National Fund, which will be competed in the banking sector.
According to the Economic Development Minister, the Fund has become a branch of the bank, which is interested in its cheap credits and loans as well as the entrepreneurs. However, today no bank in the country, except the International Bank of Azerbaijan (IBA) is able to grant credits and loans at such a volume, therefore the volume of crediting via the National Fund for Entrepreneurship Support is expected to be reduced.