President Aliyev approves National Enterprise Support Fund's finance regulations

Article III covers opening of credit lines to the authorized credit organizations and service mechanism. The funds to be allocated to the authorized banks for financing projects can constitute maximally 150% of their aggregate capital. This amount can reach 200% in financing giant projects.

As per Article V, loans to be allocated to the authorized credit organizations will be the following format.

AZN 1,000- microcredits – two years.

AZN 1,000-AZN 30,000 – small-amount credits- two years.

AZN 30,000-AZN 100,000 –medium credits- three years.

AZN 100,000-AZN 1 000 000 –big credits- five years.

AZN 1 000 000-AZN 3 000 000-large credits- seven years.

The amount of the credits can be expended by the decision of the Found.

The annual interest rates for the credits are as follows.

0.5% for media.

1% for other projects.

2/3 of the time is grace period.

During the grace period the interest debt can be paid, capital debt remains unpaid.

If violation of the loan agreement is found during monitoring, the authorized credit organizations force enterprise to repay the loan earlier, exclude these enterprises from future projects.

If violation of the commitments to the project is found, the authorized credit organizations will be dismissed from the project, will be forced to pay interest and capital debts owed to the Fund irrespective of payment of credits by enterprises.