In 2006 1st business-incubator to be open in country

Business Materials 23 December 2005 16:11 (UTC +04:00)

“The first business-incubator will be established in Sumgayit till February 2006,” Malahat Kazimova, the Director of Imfotek Public Union, said to a national forum on business-incubator, Trend reports.

Establishment of the business-incubator is envisaged within the program of the World Bank (WB). WB allocated $100,000 grant for preparation of the project from September 2004 to December 2005 РіРѕРґР°. The bank will render $300,000 technical aid for implementation of the 2nd stage of the project from February 2006 to February 2007.

According to Kazimova, the establishment of the business-incubator is envisaged within the memo undersigned with the Sumgayit Executive Power in 2004. The bank renders technical aid on the base of the tender covering 60 countries of the world.

The business-incubator will chose companies basing on their export capability. The main goal of the business-incubator is to assist in search of investors, marketing services, application of know-how.