BAKU, Azerbaijan, November 29. The first venture fund - Caucasus Ventures has been established in Azerbaijan, the Minister of Digital Development and Transport Rashad Nabiyev said during a meeting dedicated to this event in Baku on November 29, Trend reports.
According to Nabiyev, financing of start-up projects in Azerbaijan was carried out through state grants and bank loans.
"This fund is the first one established as a public-private partnership. The establishment of this fund will attract foreign investors to this area. Besides, this year the ministry has allocated funds for the training of 650 IT specialists. It’s planned to prepare annually 3,000 specialists,” he noted.
“By the end of the year, a number of laws will be adopted for participants in the IT sector and the startup ecosystem, which will accelerate the development of this sector of the country," the minister added.
The budget of the venture fund is 11.3 million manat ($6.6 million). Azerbaijan’s Innovation Agency and PASHA Holding each have allocated five million manat ($2.9 million) to the fund's budget, while the contribution of the individual entrepreneurs amounted to 1.3 million manat ($760,000).