Details added (First version published at 11:42)
Azerbaijan, Baku, 10 May / Trend H.Valiyev /
The State Oil Fund of Azerbaijan (SOFAZ) will begin funding a project for the development of broadband Internet in the country following the preparation of a reform package, SOFAZ head Shahmar Movsumov told reporters.
"The project envisages great reforms where preparatory work is already underway. I believe the project will start after a package of reforms is formed and approved which could happen later this year," he said.
Implementation of the project for the development of broadband Internet (Fibre to the Home) project in Azerbaijan will cover the period of 2013-2017.
The State Oil Fund's budget for 2013 is to allocate 103 million manat to implement the project. Funding will also be provided in the coming years. All areas of Azerbaijan will be provided with high-speed access to the Internet by 2017.
The project is among a number of major initiatives planned for implementation as early as this year and aimed at extending the country's infrastructure based on the FTTH (fibre to the home) model.
Cost is estimated at about $500 million. The project is considered to be highly profitable and starting from the second year of its implementation, 30-35 per cent of its total cost will be financed through reinvestment.
The ultimate goal of the project is to provide the entire country, including rural and remote locations, with high-speed Internet at a range of 10-100 Mbit/s and bring the number of broadband Internet users to 85 per cent which will allow Azerbaijan to reach the level of other developed countries by 2017.
The official exchange rate for May 10 is 0.7845 AZN / USD.