Baku / 15.09.17 / Turan: OJSC Credit Guarantee Fund (CGF) is being established in Azerbaijan. The decree was signed by President Ilham Aliyev on September 15.
The purpose of CGF is state support with a view to expanding entrepreneurs" access to financial resources. CGF will guarantee loans in the Azerbaijani manat issued to entrepreneurs through agent banks and will provide subsidies to cover part of the interest.
The Fund will be managed by the Supervisory Board, which will consist of seven people. The Fund"s current activities will be carried out by the Board.
The Supervisory Board will have one representative from each of the Ministries of Finance and Economy, the Central Bank, the Financial Market Supervision Board, the State Oil Fund, the Confederation of Entrepreneurs of Azerbaijan and the Association of Banks of Azerbaijan.
The leadership in the Supervisory Board will be carried out on the principle of rotation. The chairman"s office term is one year. -71D-
Finance
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In 2024, AZN 716.8 million were allocated from Azerbaijan's reserve funds. This was announced by the Ministry of Finance. According to the information, AZN 715.3 million of these were financed on the basis of commissioned documents submitted by the relevant structures. In particular, according to the orders of President Ilham Aliyev, AZN 244.9 million were financed out of AZN 245.2 million allocated from the reserve fund of the head of state.
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The Accounting Chamber held an event of external state financial control in Baku metro. This was reported by the Chamber.
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In order to further strengthen partnership relations with Azerbaijan, the board of directors of the World Bank group has approved a 'New Country Partnership Framework for Azerbaijan' for 2025-2029.
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Accounting Chamber carried out external state financial control in the Agency of Social Services under the Ministry of Labor and Social Security of Nakhchivan AR. This was reported by the Chamber.
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