The authority to provide guarantees for manat-denominated loans obtained by entrepreneurs and to grant subsidies for interest accrued on these loans has been transferred from the Mortgage and Credit Guarantee Fund to the "Azerbaijan Business Development Fund" Open Joint-Stock Company, which operates under the Ministry of Economy.
Operative Information Center-OMM reports that President Ilham Aliyev has signed a decree to this effect.
According to the document, the Mortgage and Credit Guarantee Fund must ensure the full completion of the exercise of rights and the fulfillment of obligations regarding guarantees provided for manat-denominated loans and interest subsidies accrued on such loans until the date this decree enters into force, in accordance with existing normative legal acts.
This institutional restructuring is part of the broader efforts by the government of Azerbaijan to streamline economic support mechanisms for the private sector. By consolidating business support functions under the Azerbaijan Business Development Fund, the government aims to enhance the efficiency of financial assistance programs, foster a more favorable investment climate, and provide more targeted support to local entrepreneurs, thereby strengthening the non-oil sector of the national economy.
