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Deputy Minister: Azerbaijan’s ICT Development Fund to start work soon

ICT Materials 12 September 2012 14:27
The Azerbaijani information and communication technologies development fund will start working in the near future, Azerbaijani Deputy Minister of Communications and Information Technologies Elmir Valizade told media today.
Deputy Minister: Azerbaijan’s ICT Development Fund to start work soon

Azerbaijan, Baku, Sept. 12 / Trend H.Valiyev /

The Azerbaijani information and communication technologies development fund will start working in the near future, Azerbaijani Deputy Minister of Communications and Information Technologies Elmir Valizade told media today.

Valizade said that ICT Development Fund has been established. Operations are underway to create its charter.

Azerbaijan is implementing a project of establishing a fund to support ICT which will help issue loans and grants to companies. Establishment of a fund will allow domestic companies to get both monetary and fiscal benefits.

A decree establishing funds on the balance sheet of the Ministry of Communications and Information Technologies of the State Fund for Development of Information Technology was signed by President of Azerbaijan Ilham Aliyev on March 15.

The fund will be financed from the state budget and all sectors of the population will benefit from these advantages. It will also provide direct financial support to promising start-ups in science and technology.

In international practice the participation of small innovative companies in the Fund's programmes allows them to bring the development of scientific ideas into the creation of a sustainable business that is attractive to investors.

Its primary aim is to conduct public policy development and support of small enterprises in the scientific and technical fields providing them with direct financial assistance and training which in turn, facilitates the creation of new jobs.

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