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.