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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The Chamber of Auditors reported its financial results for 2023. Last year, the Chamber of Auditors earned a profit of 0.16 million manats, a 54.3% decrease compared to 2022. During the reporting period, the organization received 1.33 million manats in revenue and incurred 1.17 million manats in expenses. At the beginning of the current year, the assets of the Chamber of Auditors increased by 13.2% compared to the start of the previous year, reaching 1.24 million manats. This includes liabilities of 0.02 million manats (an 8.7% decrease) and equity capital of 1.22 million manats (a 13.9% increase).
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In January-July 2024, AZN 2,657,700 of loan insurance premiums were collected in Azerbaijan. This is stated in the insurance review published by the Central Bank of Azerbaijan.
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"Qala Insurance" company won the open tender for full voluntary (KASKO) insurance of vehicles of the Agency for Export and Investment Promotion (AZPROMO) under the Ministry of Economy. This is reported on the unified internet portal of public procurement.
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The Central Bank of Azerbaijan has issued a perpetual license to "Golden Pay" company for the right to carry out activities of a payment organization. This is reported on the website of the regulatory body.
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