Azerbaijan’s fund for IT development creating budget to support projects

ICT Materials 2 February 2018 16:12 (UTC +04:00)

Baku, Azerbaijan, Feb. 2

By Huseyn Valiyev - Trend:

The budget of Azerbaijan’s State Fund for Development of Information Technologies amounted to about two million manats as of early 2018, a source in the fund told Trend.

“The fund will not receive financing from Azerbaijan’s state budget,” the source said. “The fund’s budget will be formed at the expense of preferential loans previously allocated for the development of IT projects. The funds are gradually returning, and by the end of the year, the state fund’s budget will amount to four million manats.”

Allocation of small, medium and big loans is provided in order to finance projects. The amount of small loans may vary within 10,000-50,000 manats (for three years), medium - 50,000-500,000 manats (up to five years), big - 500,000-5 million manats (up to 10 years). The annual interest rate on loans is five percent.

(1.7001 manats = 1 USD on Feb. 2)