Azerbaijani State Fund’s draft regulation to be approved by mid-January

Azerbaijan Materials 7 January 2013 16:46

Azerbaijan, Baku, Jan. 7 / Trend H.Valiyev /

The draft regulation of the Azerbaijani State Fund for Development of Information and Communication Technologies has been almost agreed by the country's government, a source close to the project told Trend today.

It is expected to be approved by mid-January. Afterwards, the fund will begin financing large scale projects of companies involved in the ICT sector. The companies will be able to receive special tax and customs benefits by financing through the fund.

The Azerbaijani Communications and IT Ministry has already prepared proposals to reduce customs duties on accessories for high-tech products imported into the country.

A project of establishing a fund to support ICT will help issue loans and grants to companies.
A decree establishing funds on the balance sheet of the Ministry of Communications and Information Technologies of the State Fund for Development of Information Technology was signed by Azerbaijani President Ilham Aliyev on March 15.

The fund will be financed from the state budget and all sectors of the population will benefit from these advantages.

The fund will provide direct financial support to promising 'start-ups' (a start-up is a business idea designed for quick implementation) in science and technology.

The initial budget of the fund is expected to reach 15 million manat. This amount was requested by the ministry from the state budget for 2013.

Its primary aim is to conduct public policy on development and support of small enterprises in scientific and technical fields, providing them with direct financial assistance, training, which in turn will facilitate the creation of new jobs.

The official exchange rate is 0, 7847 AZN/USD on Jan. 7.