15:54 - 2.08.2023

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August 2, Fineko/abc.az. Giving of preferential loans to young people from Youth Fund’s finances will be carried out through an authorized credit institution licensed by the Central Bank of Azerbaijan and meeting the criteria established by the Fund’s Supervisory Board.

ABC.AZ reports that this is stated in the amendments to the Procedure for using Youth Fund’s finances, including provision of subsidized loans at the expense of the Fund, approved today by President Ilham Aliyev.
In accord with the amendment, the Fund has the right to cash out the principal amount and accrued interest on a concessional loan to a lender-guarantor with maturity date by a credit institution-guarantor of the terms of transfer of these finances to the Fund or apply to the Central Bank for this.

When the Fund applies, the Central Bank also investigates this issue when conducting an audit at an authorized credit institution and informs the Fund about the results.