Kazakhstan to create ICT development fund
Azerbaijan, Baku, Nov. 26 / Trend E. Kosolapova /
The council of Kazakh operators made a decision to establish the ICT development fund, the Kazakh Communications and Information Ministry reported on Friday.
"The establishment of the fund will provide substantial support for the young Kazakh companies and will contribute to the development of ICT sphere," Kazakh Communications and Information Minister Askar Zhumagaliyev said.
According to the Ministry, the Fund will create favorable conditions for research work, implement measures and tools for commercialization of innovative ICT ideas.
"Moreover, the Fund's support will allow start-up projects to successfully overcome the process of formation, reach and surpass the level of cost recovery," the report said.
The Fund's Board of Trustees will include Kazakh IT companies, telecom operators and Kazakh National ICT Holding Zerde. The Fund will get finance from members' contributions and profit from ongoing projects.