State Program on socio-economic development of Baku’s settlements to be affirmed recently

Azerbaijani President is expected to affirm the State Program on socio-economic development of Baku’s settlements recently, NESF Executive Director Shirzad Abdullayev said.

According to him, at present, the Fund finances the investment projects on its own means: "73% of AZN 91 mln of these projects will be financed by Fund. State budget will allocate AZN 34 mln. The State budget has already allocated AZN 10 mln to NESF. For other AZN 24 mln we have appealed to the Ministry of Finances. This means that, the Fund has almost switched to self-financing system. If we operate with the existing sources during next years, fund will be able to switch to this system, completely. However, we need additional funds within the purposely state programs that state budget grants it. Azerbaijani President is expected to affirm the State Program on socio-economic development of Baku’s settlements recently that additional means are planned to be allocated within the same program".

He also noted that, Fund’s current opportunities are enough to conduct the crediting and NESF will switch to self-financing system, after some years.


/APA/