Private capital to be drawn to Azerbaijani State Fund of ICT Development

ICT Materials 22 January 2013 11:24 (UTC +04:00)

Azerbaijan, Baku, Jan. 22 / Trend H. Valiyev /

The position and structure of the Azerbaijani State Fund of ICT Support will be approved in the next few days, Azerbaijani Communications and IT Minister Ali Abbasov told media today.

He said that the initial amount of funds will hit around 15 million manat.

The fund's charter is currently being developed to draw the private capital to this project. Several foreign companies have expressed their willingness to invest in this fund.

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 Azerbaijani President 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.

The fund will provide direct financial support to promising 'start-ups' (a start-up is a business idea designed for quick implementation) in science and technology.

The initial budget of the fund is expected to reach 15 million manat. This amount was requested by the ministry from the state budget for 2013.

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

The official exchange rate is 0, 7848 AZN/USD on Jan. 22.