Azerbaijan Defining Legal Framework For Public-Private Partn...| MENAFN.COM

Sunday, 29 January 2023 05:27 GMT

Azerbaijan Defining Legal Framework For Public-Private Partnership


(MENAFN- Trend News Agency)

BAKU, Azerbaijan, December 3. The bill 'On public-private partnership' was discussed at the Azerbaijani Parliament's plenary session on December 2, trend reports.

In accordance with Paragraphs 11, 12 and 13 of Part I of Article 94 of the Constitution, the Law determines the organizational, legal, and economic framework for public-private partnership activities.

According to the bill, the authorized body will establish and manage an electronic database on public-private partnership (PPP) projects, terms and criteria for choosing the winner of the competition, the main terms of the contract, preparation and implementation of PPP projects, and reports on the project implementation status. The authorized agency is entitled to monitor the fulfillment of obligations stipulated by the public-private partnership agreement in accordance with the PPP.

Furthermore, public-private partnership projects will be subject to incentive measures envisaged by the Law 'On investment activity', tax benefits and other government payments, additional financial support, guarantees, exemptions, and compensation. The maximum term of a PPP project will be 49 years.

Following parliamentary discussions, the bill was put to the vote and adopted in the second reading.

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