Azerbaijan increases authorized capital of Mortgage and Credit Guarantee Fund - decree
Azerbaijani President Ilham Aliyev signed a decree to amend the "Charter of the Mortgage and Credit Guarantee Fund of the Republic of Azerbaijan", approved by decree of the President of Azerbaijan dated December 25, 2017 No. 1760.
According to the decree, the following amendments were made to the mentioned charter:
- the words "in order to ensure activities" were added to the word "bonds" in subparagraph 2.2.6;
- the words "798,000,000 (seven hundred ninety-eight million)" were replaced by the words "893,000,000 (eight hundred ninety-three million)" in paragraph 6.2;
- clause 6.5 was canceled.
- the implementation of paragraph 1.2 of this decree will be ensured at the expense of 95 million manats ($55.8 million) allocated to the fund from the state budget for 2022 to increase the authorized capital of the fund from the funds provided for in subparagraph 1.11.6.6.1 of the decree of the President of the Republic of Azerbaijan "On a number of issues related to the application of the Law of the Republic of Azerbaijan dated December 3, 2021, No. 401-VIQ "On the state budget of the Republic of Azerbaijan for 2022" dated December 23, 2021 No. 1526.
- The Ministry of Finance of Azerbaijan was instructed to provide funding in the amount provided for by part two of this decree.
- The fund was entrusted with resolving issues arising from this decree.
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