Baku, Azerbaijan, Nov. 6
By Huseyn Valiyev - Trend:
Another tranche will be allocated from the Azerbaijani state budget by late 2015, Elchin Zeynalov, the executive director of the Azerbaijani State Fund for Development of Information Technologies said during the Startup Day event at the High Technology Park Nov. 6.
"The tranche will be used for the grant funding of the start-up projects, selected on a competitive basis," he said. "The delay in funding is associated with the amendments to the law on "Grants"."
"Some 50 start-up projects were financed as part of the first contest," he said. "Their number will be increased to 100 by late 2015. Of course, there is some dissatisfaction with the amount of grant, reaching 15,000-20,000 manat. However, the Supervisory Board of the State Fund is ready to render the necessary financial support to those projects that really prove their worth, prospects and investment attractiveness."
The State Fund for Development of Information Technologies was established in accordance with the presidential decree as of March 15, 2012. The main objectives of the fund are to conduct the state policy to develop and support small enterprises in the areas of science and technology, to render the direct financial assistance and to train the staff. This will contribute to the creation of new jobs in the country.