Azerbaijan approves charter, structure of Karabakh Revival Fund

Azerbaijan’s President Ilham Aliyev signed a decree on ensuring the activities of the Karabakh Revival Fund.

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.

On January 4, President Ilham Aliyev signed a decree on the establishment of the Karabakh Revival Fund. The Fund will provide financial support for the restoration and reconstruction of Azerbaijan’s liberated from Armenian occupation as a result of the 44-day Patriotic War (from late September to early November 2020).


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