Public financing of startup projects in Azerbaijan to exceed $5.2 M
Baku, Azerbaijan, Feb.24
By Huseyn Veliyev - Trend:
The budget of the State Fund for Development of Information Technologies under the ministry of communications and high technologies of Azerbaijan will amount to 5 million manats (AZN) in 2015, the state fund told Trend Feb.24.
The official exchange rate for February 24 is 1, 0501 AZN / USD.
The funds will be distributed under the terms of grant and loan financing of IT-projects. In 2014, the State Fund allocated 4.6 million manats for the financing of IT-projects.
"Among the projects supported by the State Fund, there are interesting ones, which have already turned into a real business," said the state fund. "They include the innovative ones relating to such areas as education, economy, health care, etc. The presence of innovative projects is a clear indicator of the development of the country. We intend to increase them so that Azerbaijan will be able to enter the ranks of countries with advanced IT-industry."
The State Fund for Development of Information Technologies was established in accordance with the presidential decree of March 15, 2012.
The main objectives of the fund are implementation of the state policy on development and support of small enterprises in scientific and technical spheres, providing them with direct financial assistance, training, which in its turn will contribute to the creation of new workplaces in the country.
Edited by CN
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