Call for applications for grant funding of IT projects in Azerbaijan

Azerbaijan Materials 10 February 2014 12:34 (UTC +04:00)

Baku, Azerbaijan, Feb. 7

Trend - Huseyn Veliyev

The State Foundation for Development of Information Technologies of the Ministry of Communications and Information Technologies of Azerbaijan told Trend it is calling for applications for participation in the contest of startup projects for receiving grant funding until the end of the month.

The maximum sum of the grant can be 300,000 manats (for 36 months). The small grants can be in the amount of from 10 to 100,000 manats, the average grants from 100 to 200,000 manats, and big grants from 200 to 300,000 manats.

According to the State Foundation, five million manats will be allocated to the financial support of IT-projects in 2014. The fund will go to the foundation in the near future.

The grant funds will be allocated from the foundation directly, and credits will be distributed through plenipotentiary credit organizations.

The credits will be given for ten years. The maximum sum of the credit can be five million manats.

The plenipotentiary agencies of the State Foundation are "Paşa Bank", "Bank Respublika", "Demir Bank", "Rabita Bank" and "BTB Bank". Currently, the banks have already started to call for applications from entrepreneurs in the sphere of Information and Communications Technology (ICT) for getting credits. The estimation of investment projects will be implemented by the banks themselves.

The order about the creation of the State Foundation on Development of Information Technologies on the basis of the Ministry of Communications and Information Technologies was signed by the Azerbaijani President on March 15, 2012.

The main aims of the foundation are conducting the state policy of development and support of small enterprises in the scientific and technical sphere, helping them financially, preparing of human resources, which will facilitate the creation of new work places in the country.

The official exchange rate on Feb. 10 is 0. 7843 AZN/USD.

Translated by R.A.

Edited by C.N.