PRESIDENTIAL DECREE OF THE AZERBAIJAN REPUBLIC

of October 7, 2009 No. 162

About enhancement of activities of National fund of the help to entrepreneurship of the Azerbaijan Republic

For the purpose of enhancement of the normative legal basis of activities of National fund of the help to entrepreneurship of the Azerbaijan Republic I decide:

1. Approve "Provision on National fund of the help to entrepreneurship of the Azerbaijan Republic" it (is applied).

2. Approve "Rules of use of means of National fund of the help to entrepreneurship of the Azerbaijan Republic" it (is applied).

3. Items 4 and 7 Presidential decrees of the Azerbaijan Republic of December 28, 2006 No. 504 "About the actions connected with enhancement of activities of the Ministry of Economic Development of the Azerbaijan Republic" (Collection of the legislation of the Azerbaijan Republic, 2006, No. 12, Article 1051) to recognize invalid.

Approved by the Presidential decree of the Azerbaijan Republic of October 7, 2009 No. 162

Regulations on National fund of the help to entrepreneurship of the Azerbaijan Republic

I. General provisions

1.1. The national fund of the help to entrepreneurship of the Azerbaijan Republic (further - Fund) performs the activities under the Ministry of Economics  of the Azerbaijan Republic (further - the Ministry).

1.2. The fund in the activities is guided by the Constitution of the Azerbaijan Republic, the Laws of the Azerbaijan Republic, Decrees and Orders of the President of the Azerbaijan Republic, resolutions and orders of the Cabinet of Ministers of the Azerbaijan Republic, Regulations on the Ministry of Economics of the Azerbaijan Republic, and also this Provision.

1.3. The fund performs the activities in interaction with central and local executive bodies, local government bodies, credit, financial and insurance companies, entrepreneurial public associations.

1.4. The fund is the state institute, has at the order state-owned property, separate balance, state and bank accounts, seal with the image of the State Emblem of the Azerbaijan Republic and own name, the corresponding stamps and forms.

1.5. The fund is financed by the means allocated from the government budget for maintenance of Fund. In stipulated by the legislation procedure and cases of means, arrived from activities of Fund and corresponding to the legislation of other sources, can be used as financial source for implementation of the rights and tasks established by this Provision.

1.6. The fund is in the city of Baku.

II. Purposes, tasks and rights of Fund

2.1. The purpose of Fund consists of rendering assistance to development of entrepreneurship in the Azerbaijan Republic, in particular small and medium entrepreneurship, and to increase in business activity of the population, rendering financial aid to them.

2.2. The main objectives of Fund are:

2.2.1. according to the legislation to finance by fund investment projects of subjects of entrepreneurship in the priority directions of social and economic development of the Azerbaijan Republic;

2.2.2. take measures for attraction of financial resources in Fund, including conduct negotiations and make offers on attraction of the credits from the financial markets;

2.2.3. provide rational and target use of the means provided to Fund for financing of subjects of entrepreneurship;

2.2.4. perform examination of investment projects which will be financed by fund;

2.2.5. give preference to financing of the investment projects following from the state programs aimed at the development of entrepreneurship;

2.2.6. take part in development and implementation of the industry and regional programs providing development of entrepreneurship, creation of new workplaces;

2.2.7. determine the minimum requirements to creation of investment projects for receipt of soft credits by fund and criteria for evaluation of investment projects;

2.2.8. determine procedure for carrying out monitoring for the purpose of control over use of the credits to destination;

2.2.9. give help in collection and distribution of legal, economic and other data, necessary for subjects of entrepreneurship, studying of market conditions, development of the programs and investment projects connected with business activity;

2.2.10. render assistance in training for subjects of entrepreneurship and increase in their qualification;

2.2.11. give help in expansion of external economic activity of subjects of entrepreneurship;

2.2.12. render assistance in forming and development in the country of market infrastructure of entrepreneurship;

2.2.13. render assistance in promotion of the scientific and technical knowledge and innovations necessary for subjects of entrepreneurship;

2.2.14. perform other tasks according to the legislation.

2.3. For accomplishment of the tasks the Fund has the following rights:

2.3.1. raise funds in Fund and for this purpose to receive donations, the help, grants and to conclude other similar bargains;

2.3.2. according to the purpose of activities of Fund and within the powers to improve business relations with physical persons and legal entities in the Azerbaijan Republic and foreign countries;

2.3.3. in the procedure established by the legislation to use the state-owned property which is at its disposal;

2.3.4. organize the international conferences, symposiums and other actions connected with business activity, to participate in the similar events held in the Azerbaijan Republic and abroad;

2.3.5., to perform the actions connected with attraction of internal and external investments and their rational use, to organize in stipulated by the legislation procedure for exhibition and fair;

2.3.6. receive from authorized credit institutions of data and the reports necessary for accomplishment of tasks of Fund;

2.3.7. in case of need to involve foreign specialists (experts) to examination of investment projects which will be financed by fund;

2.3.8. carry out monitorings by means of authorized credit institutions and in independent procedure for the purpose of control over use of the means provided to subjects of entrepreneurship by fund according to the purposes provided by investment projects in case of non-use of these means to destination, take measures for return of the provided means according to the legislation;

2.3.9. perform other stipulated by the legislation rights.

III. Forming and use of fund

3.1. Fund is created at the expense of the following sources:

3.1.1. assignments from the government budget of the Azerbaijan Republic;

3.1.2. receipts from activities of Fund, including principal debt, percent on the granted soft credits, payments on penalties and commission payments;

3.1.3. donations of local and foreign physical persons and legal entities;

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