Credit Guarantee Fund Being Established

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-

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