The Government established a strong institutional mechanism aimed at sustaining economic growth and stimulation of production and development in non-oil sectors of economy. One part of this mechanism is Azerbaijan Export & Investment Promotion Foundation (AZPROMO) - a joint Public Private Initiative, established by the Ministry of Economy and Industry of Azerbaijan. For more information on AZPROMO please see the next chapter below. In addition, there are two other major components of the mechanism, in particular Azerbaijan Investment Company and National Fund for Entrepreneurship Support.
Azerbaijan State Investment Company (ASIC) is the state owned equity fund, which was established by the Decree of the President of the Republic of Azerbaijan on 30 March 2006. The main purpose of ASIC is to support the development of the non-oil sector of the economy via termed equity injection along with local and foreign co-investors into the Greenfield and Brownfield projects on the territory of Azerbaijan.
National Fund for Entrepreneurship Support (NFES) is established by the government. The objective of the Fund is support to the development of entrepreneurship, especially small and medium entrepreneurship in Azerbaijan and increase of working capacity of population and provision of financial support. The fund provides concessionary credits to entrepreneurs in all regions of Azerbaijan (loan portfolio was over 1.2 bln. USD in 2013). The main sectors that have been invested and developed by the fund are production and processing of agricultural and industrial products, tourism, services and infrastructure development.