Azerbaijan eyes using venture capital on mechanical engineering
Baku, Azerbaijan, Sept. 12
By Azad Hasanli – Trend:
Azerbaijani government is considering the possibility of attracting venture capital for financing projects in the field of mechanical engineering.
This was stated in a report on evaluation of the results of implementing the Strategic Road Map for the development of heavy industry and machinery in Azerbaijan.
A working group was created under the Economy Ministry in June to study the possibilities of introducing new financing mechanisms in heavy industry.
“First and foremost, the working group explored the possibility of attracting venture capital. In addition, as part of measures to expand the use of alternative financial instruments, the Ministry of Economy sent a letter to Azerbaijan’s Financial Market Supervisory Authority. Both bodies agreed to hold discussions with the participation of entrepreneurs and state agency officials to prepare proposals for the implementation of such measures,” reads the report.