List of banks selected for funding start-up projects in Azerbaijan expanded

Azerbaijan Materials 23 December 2013 17:08 (UTC +04:00)

Baku, Azerbaijan, Dec. 23
By Huseyn Valiyev - Trend:

The Azerbaijani Supervisory Board of the State Fund for Development of Information Technologies under the Ministry of Communications and Information Technologies has selected one more authorised bank through which start-up projects will be funded, a source in the telecommunications market of Azerbaijan told Trend on Dec.23.

'Bank BTB' (Azerbaijan) is also included in the list of authorized agents of the fund, which previously included Paşa Bank, Bank Respublika, Demir Bank and Rabita Bank.

The total number will not exceed 10 credit institutions, the State Fund's Executive Director, Elchin Zeynalov told Trend earlier.

Issuance of small, medium and large loans as well as grants from the State Fund is envisaged for financing the project.

The amount of small loans can range from 10,000 to 50,000 manats (from $12,750 to $63,751) (with a term of three years), medium - from 50,000 to 500,000 manats (from $63,751 to $637,511) (up to five years), large - from 500,000 to five million manats (from $637,511 to $6.375.114) (10 years).The interest rate on the loans will not exceed five per cent per annum.

The grant's maximum amount may reach 300,000 manats ($382,506) (for 36 months). Small grants are provided at a rate of 10,000 to 100,000 manats (from $12,750 to $127,502) , medium - from 100,000 to 200,000 manats (from $127,502 to $255,004), and large - from 200,000 to 300,000 manats (from $255,004 to $382,506).

The official exchange rate on Dec.23 is 0.7845 AZN/USD.