Work on Azerbaijani State IT Development Fund project to be completed in June

Azerbaijan Materials 30 May 2012 15:59 (UTC +04:00)

Azerbaijan, Baku, May 30 / Trend H. Valiyev /

Work on preparing the final draft of the Azerbaijani State IT Development Fund and proposals to stimulate activity in the IT sector is expected to be completed in June, a source told Trend on Wednesday.

A package of proposals on the establishment of the State Fund is under consideration of the Azerbaijani ministries and departments.

The order on establishing the State Information Technologies Development Fund under the Azerbaijani Ministry of Communications and Information Technologies was signed by the president on March 15.

The project aims at developing this sphere in Azerbaijan, increasing export potential in this area. Its main purpose is to improve the business sphere in the field of ICT, to ensure the flow of foreign capital and to improve the country's export potential.

The establishment of the Azerbaijani State IT Development Fund will allow the private sector to get the tax and customs benefits, credits and financial support from the state.

The interest rate on the funds allocated for financing the projects will be low. This will increase the interest in their implementation.

The fund will provide direct financial support for perspective Start-up - business idea, designed for quick implementation in science and technology.

The main objectives of the Fund are to conduct state development and support policy of small enterprises in scientific-technical sphere, rendering them direct financial assistance, staff training. This will promote creating new jobs.