Receipt of applications for IT-projects’ concessional financing starts in Azerbaijan
Baku, Azerbaijan, Jan. 17
By Huseyn Valiyev - Trend:
The banks authorized by the Azerbaijani State Fund for Development of Information Technologies have started the receipt of applications from entrepreneurs operating in the ICT sphere, the fund told Trend on Jan. 17.
The applications are being submitted for obtaining loans for the development of IT-projects, the state fund said.
The state fund also said that investment projects will be evaluated by the banks themselves. The authorized banks are: Pasha Bank, Bank Respublika, Demir Bank, Rabita Bank and BTB Bank.
Small loans can range from 10,000 to 50,000 manats (with a term for three years), medium loans - from 50,000 to 500,000 manats (up to five years), large loans - from 500,000 to five million (10 years). The interest rate on the loans will be five per cent per annum.
The mechanisms of allocation of the funds and the range of projects that can be funded, are available on the fund's website (ictfund.gov.az).
The official exchange rate for January 17 is 0.7844 AZN/USD.
Translated by E.A.
Edited by C.N.