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Supervisory Board of Azerbaijan National Entrepreneurship Development Fund Held Familiarization Meeting

Business Materials 5 March 2007 20:09

Azerbaijan, Baku / corr. Trend I.Khalilova / The first meeting of the Supervisory Board of Azerbaijan National Entrepreneurship Development Fund (NEDF) focused on organizational issues, including the Regulation of NEDF, the Ministry of Economic Development of Azerbaijan reports. This familiarization meeting transpired from the creation of the Supervisory Board comprising of seven members and election of the new Executive Director.

NFED's plans are to include the creation of representations of the NFED in eight regions of Azerbaijan. Creating the departments of the NFED will improve the management mechanism in accordance with the new rules for giving credits from NFED. Thereafter, entrepreneurs will directly appeal to the NFED and will be financed via agent-banks.

The 2007 State budget of Azerbaijan has allocated AZN 80 mln, with AZN 74 mln for financing investment projects of entrepreneurs through NFED and AZN 6 mln for the development of the entrepreneurs in Nakchivan Autonomous Republic of Azerbaijan.

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