TODAY.AZ / Business

Azerbaijan simplifies procedure of power supply for construction projects

19 April 2017 [18:35] - TODAY.AZ
By Azernews


By Sara Israfilbayova    

Entrepreneurship in Azerbaijan is expected to get another positive impulse as a decree simplifying the procedure of electricity supply for existing or planned construction projects for entrepreneurs was signed by President Ilham Aliyev on April 4.

The Technical Council has been formed to control the distribution of technical conditions for obtaining up to 150 kilowatt-hours of electric power capacity which is necessary for construction projects as well as connecting to the electricity network.

Chairman of the Council is the representative of the Ministry of Energy, members of the Council are the representatives of the Ministry of Economy, Baku Transport Agency under the Cabinet of Ministers, Azerishig PJSC, Azeravtoyol PJSC, Sumgayit Road Passenger Transport Management headed by executive power of Sumgayit, Ganja Road Passenger Transport Management headed by executive power of Ganja, local executive bodies.

One of the most important conditions for the progress of the country is the development of entrepreneurship. For this purpose, within the framework of the National Entrepreneurship Support Fund concessional loans were granted and funds were provided in recent years. In 2016, the National Entrepreneurship Support Fund allocated 190 million manats ($111 million) for financing projects of local business entities. The National Entrepreneurship Support Fund (NFES) under the Azerbaijani Economy Ministry has issued concessional loans worth 13.8 million manats ($7.8 million) since early 2017.

Another good example is the recently signed decree on increasing the preferential mortgage loan. The preferential mortgage loan which was 85 percent of house cost is now 90 percent.

Moreover, the State Agency for Housing Construction under the President of Azerbaijan was established on April 11, 2016 by the decree of President Ilham Aliyev. The key objective is to meet the demand of people for housing, to improve their living conditions, to provide construction in modern architectural style that meet environmental requirements and energy efficiency requirements, as well as to improve public administration in the field of urban development and construction.

URL: http://www.today.az/news/business/160385.html

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