Charter, structure of Azerbaijan's Karabakh Revival Fund approved - decree

By Trend

President of Azerbaijan Ilham Aliyev signed a decree on ensuring the activities of the Karabakh Revival Fund, Trend reports.

The decree envisions approval of the fund's Charter and structure.

The fund’s authorized capital was set at 1 million manat ($590,000) and is formed at the expense of the state budget.

The Cabinet of Ministers was instructed to resolve issues arising from this decree, and the fund - to approve the payroll taxes, the number of employees and the amount of wages (salaries, salary allowances, bonuses and other payments) of the employees within 1 month, as well as resolve other issues arising from the decree.

The Ministry of Finance was instructed to provide financing in the amount specified in the decree.

The Karabakh Revival Fund was established by the Decree of the President of Azerbaijan dated January 4, 2021. The fund will provide financial support for the restoration and reconstruction of the Azerbaijani territories liberated from Armenian occupation as a result of the 44-day Patriotic War (from late Sept. through early Nov.2020).

Activities of Karabakh Revival Fund

The directions of Azerbaijan’s Karabakh Revival Fund have been determined in the fund’s charter approved by decree of the President Ilham Aliyev.

The fund established by the Decree of the President of Azerbaijan dated January 4, 2021 will operate in the following directions: ensuring the development of the relevant area; participation in the formation and implementation of state policy in the relevant area; cooperation with state bodies (institutions) in the relevant field, participation in the development and implementation of proposals; providing financial support for the implementation of work on restoration, reconstruction and sustainable development in the liberated territories.

The directions also include carrying out campaigning and educational work in order to attract investments for the restoration, reconstruction and sustainable development of the liberated territories, as well as for the effective organization of activities in this direction; encouraging work to achieve the goals of recovery, reconstruction and sustainable development in the liberated territories through a public-private partnership; carrying out activities in other areas established by the fund’s charter.