Azerbaijan's State Tourism Agency makes decision on interest subsidy related to COP29

The Chairman of the Agency, Fuad Nagiyev, signed a new decision in this regard, Azernews reports.

The Collegium of the State Tourism Agency approved the "Procedure for the issuance and form of the Confirmation Document" to provide interest subsidies on loans in manat obtained from resident banks and non-bank credit organizations (NBCOs) by entrepreneurs for projects related to COP29, the 19th session of the Conference of the Parties to the Kyoto Protocol, and the 6th session of the Conference of the Parties to the Paris Agreement, to be held in Azerbaijan in November of this year.

According to the decision, entrepreneurs need to submit the project's implementation plan (business plan) and expenditure estimate to qualify for subsidies.

The president of the agency will create a commission to examine applications, determine whether the confirming document should be issued or not, and define its composition. A commission, led by the agency's president or an acting person in their absence, will be created to review applications and decide on the issuance of the confirmation document within 5 business days. If the decision is positive, the confirmation document will be prepared within 2 business days and sent to the address provided by the entrepreneur by mail.

If the Agency obtains information based on substantiated facts that the project for which the Confirmation Document was issued violates the requirements of the Regulation, and when these violations cannot be rectified, the Agency will make a decision to revoke the Confirmation Document and inform the entrepreneur and the Fund for the Development of Entrepreneurship under the Ministry of Economy within 1 business day.

The Legal Sector of the Agency is tasked with submitting this decision to the Ministry of Justice for inclusion in the State Register of Legal Acts within 3 days.