Azerbaijan’s head endorsed a package of documents on Credit Guarantee Fund


November 30, Fineko/ Yesterday, the Azerbaijani leader approved a package of documents aimed at ensuring activity of the Credit Guarantee Fund.

As it follows from the President’s signed documents, authorized capital of Azərbaycan Respublikasının Zəmanət Kredit Fondu (Credit Guarantee Fund of Azerbaijan) or Azərkreditzəmanət (Azercreditguarantee) amounts to AZN 100 million.

The authorized capital is divided into 10 million shares with par value of 10 manat a share. The government will own all of the Fund’s shares at the initial stage.

The Cabinet Ministers is entrusted to ensure formation of Fund’s authorized capital within one month.

The main objectives of Fund’s activity are to increase entrepreneurs’ access to financial resources and form a credit system for distribution of risks in the financial sector.

The Fund will be managed by the Supervisory Board and the Board of Directors. The Fund's Supervisory Board will consist of 7 people representing the Ministries of Finance and of Economy, the Central Bank, the Financial Markets Supervision Chamber, the State Oil Fund, the Azerbaijan Banks’ Association and the National Confederation of Entrepreneurs. The chairmanship of the Supervisory Board will be carried out on the principle of annual rotation among its members. The Supervisory Board’s meetings should be held at least once a quarter. The Board of Directors will consist of three members.

Azərkreditzəmanət has the right to open branches and representative offices and create subsidiaries.