Azerbaijan's Parliament adopts bill on public-private partnership
The bill on the public-private partnership was discussed at the plenary session of Azerbaijan's Milli Majlis (Parliament), Trend reports.
In accordance with paragraphs 11, 12, and 13 of Part I of Article 94 of the Constitution of Azerbaijan, the bill determines the organizational, legal, and economic bases for the implementation of activities in the public-private partnership. Numerous innovations were reflected in the document.
According to the bill, the authorized body will create and manage an electronic database on the following issues: public-private partnership projects, conditions and criteria for selecting the winner of the competition, the main terms of the contract, preparation and implementation of public-private partnership projects, and reports on the status of project implementation.
The authorized body has the right to monitor the process of obligations fulfillment envisaged by the public-private partnership agreement in accordance with the rules of public-private partnership.
Also, public-private partnership projects will be subject to incentive measures provided for by the law "On Investment Activity", such as benefits for taxes and other government payments, additional financial support, guarantees, refunds, and so on.
The maximum term of the public-private partnership bill is 49 years.
After discussions, the bill was put to a vote and adopted in the third reading.
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