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Last week’s laws, orders and decrees in Azerbaijan (Sept. 11-15)

Analysis Materials 18 September 2017 17:36 (UTC +04:00)

Ilham Aliyev appoints Azerbaijan’s new envoy to Switzerland

President of Azerbaijan Ilham Aliyev signed an order appointing Khanim Ibrahimova as ambassador extraordinary and plenipotentiary to Switzerland.

Azerbaijan’s leasing companies may get regulator

Azerbaijan’s Financial Market Supervisory Authority (FIMSA) and the International Finance Corporation (IFC) are developing a new legal framework for regulating the activities of leasing companies, a source in Azerbaijan’s financial market told Trend.

“Earlier, the two bodies met with officials of the country's operating leasing companies. The focus of the discussions was the creation of legislation to regulate the leasing market. In general, leasing companies welcomed this decision because it will contribute to the development of this segment of the financial market,” the source said.

The source noted that leasing companies stand for the appearance of a regulator in their market. At present, the activities of leasing companies are almost not regulated – there are items in some of the laws and regulations of the Civil Code, which are related to their activities.

“Naturally, the absence of specialized legislation seriously hampers the development of the leasing market. Therefore, both the government and market participants are very interested in the development of new laws,” said the source.

The source noted that for this purpose, IFC will provide technical assistance to FIMSA.

“Soon, the two bodies will sign a corresponding agreement. IFC already has experience with Azerbaijan’s leasing companies. Besides, IFC plans to involve international experts in this process.”

Azerbaijan has been cooperating with IFC since 1995.

President Aliyev signs order to award Dostlug Order to BP CEO

Azerbaijan’s President Ilham Aliyev has signed an order to award Dostlug (Friendship) Order to Chief Executive Officer of BP Robert Warren Dudley for the services rendered to the development of oil industry in Azerbaijan.

Azerbaijan creating Credit Guarantee Fund

President of Azerbaijan Ilham Aliyev signed a decree on a number of measures to provide state support to entrepreneurs for expansion of access to financial resources.

The decree provides for the establishment of Credit Guarantee Fund of Azerbaijan OJSC.

Under the decree, the Credit Guarantee Fund will provide a guarantee for entrepreneurs’ manat loans taken out in authorized banks.

In cases and the order determined by the head of state, the Fund will also provide subsidies on a part of the interest rate on loans.

The Credit Guarantee Fund will have a Supervisory Board, consisting of seven people, as well as a Management Board.

The composition of the Supervisory Board will include a member of the Ministry of Finance, a member of the Ministry of Economy, a member of the Central Bank, a member of the Financial Market Supervisory Authority, a member of the State Oil Fund, a member of the National Confederation of Entrepreneurs (Employers') Organisations and a member of the Azerbaijan Banks Association.

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