Azerbaijani bank starts financing IT-projects

Baku, Azerbaijan, March 15

By Huseyn Valiyev - Trend:

The Azerbaijani State Fund for Development of Information Technologies and Xalq Bank OJSC signed a contract on a credit line for financing IT-projects, a source on the IT-market told Trend March 14.

The credit line is expected to be opened by mid. 2016. The status of an authorized agent of the state fund has been assigned to Xalq Bank in early 2016. The status will allow the bank to engage in financing of start-up projects through the budget of the state fund.

The budget of the state fund for financing start-ups and IT-projects hits four million manat in 2016. The funds for 2016 will be distributed among the authorized agents of the state fund.

Besides Xalq Bank, the authorized agents of the state fund are PASHA Bank, Bank Respublika, Demir Bank, Rabita Bank and Bank BTB.

Small, medium and big loans are expected to be issued to finance the projects. The amount of small loans can vary from 10,000 manats to 50,000 manats (for three years), medium loans - from 50,000 to 500,000 manats (up to five years), big loans - from 500,000 manats to five million manats (up to 10 years). The annual interest rate on the loans hits five percent.

The decree on the establishment of the State Fund for Development of Information Technologies under the Azerbaijani Ministry of Communications and High Technologies was signed by the president of Azerbaijan March 15, 2012. The main objectives of the fund are to hold the state policy of development and support of small enterprises in science and technology, providing them with direct financial assistance, staff training. This will contribute to the creation of new jobs in the country.

The official exchange rate is 1.6411 AZN/USD as of March 15.

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