Azerbaijan plans creation of a new fund


June 24, Fineko/ Creation of the Fund for the development of small and medium-sized businesses is planned in Azerbaijan, ABC.AZ reports, quoting Orkhan Mammadov, the chairman of the Agency for the Development of Small & Medium-sized Businesses (KOBIA).

"We’re currently in the process of establishing the Fund, which will expand the access of business entities to financial resources," Mammadov said, speaking at business forum "The role of the BSTDB in supporting the diversification of innovations of the Azerbaijani economy in a changing world".

He added that the Fund will offer grants and technical assistance to representatives of SMEs.

"The requirements for the minimum cost of the project for investments will be less than those available on the market. The "open joint stock company" (JSC) will be chosen as the organizational and legal form of the Fund. This will attract not only state funds, but also local and foreign investors," Mammadov said.