BAKU, Azerbaijan, December 10. Azerbaijan
Business Development Fund has been transformed into an Open Joint
Stock Company (OJSC), Trend reports.
President of the Republic of Azerbaijan Ilham Aliyev has signed
the relevant decree.
According to the decree, the fund, subordinate to the Ministry
of Economy, was reorganized by transforming into an OJSC, and its
charter was approved. Azerbaijan Business Development Fund OJSC is
the legal successor of the public legal entity of the same name;
its rights and obligations, as well as property, are transferred to
the company.
The company will operate as a state-owned commercial legal
entity, tasked with supporting the development of the non-oil and
gas sector, enhancing financial backing for entrepreneurship, and
promoting investment activities. Overall management of the
company's operations will be overseen by a five-member Supervisory
Board, while day-to-day management responsibilities will be
executed by the Board of Directors, comprising a chairman and four
deputies.
According to the decree, the powers of the company’s general
meeting are allocated among the President of the Republic of
Azerbaijan, the Ministry of Economy, and the Supervisory Board.
Until the completion of state registration, the fund will continue
functioning as a public legal entity.
The decree ratifies the charter of the Azerbaijan Business
Development Fund, amends certain existing decrees and orders, and
strengthens regulatory and legal measures concerning the protection
and utilization of state property.
Additionally, the decree introduces innovations in the
procedures for utilizing the fund’s resources, applying financing
mechanisms within the non-oil and gas sectors, and addressing other
organizational matters.
