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Venture fund establishment requires legislative regulation in Azerbaijan

ICT Materials 8 February 2018 20:39 (UTC +04:00)

Baku, Azerbaijan, Feb. 8

By Huseyn Valiyev – Trend:

Legislative regulation is an important component for the establishment of the venture fund in IT field in Azerbaijan, the Azerbaijani State Fund for Development of Information and Communication Technology told Trend Feb. 8.

“Private companies play an important role in the establishment of the venture fund,” the State Fund said. “There are certain gaps in the Azerbaijani legislation in this sphere. Therefore, the process is delayed.”

Earlier, the State Fund appealed to private companies with the idea of ​​establishing the venture fund and the club of investors in the IT field. Local IT companies, namely, Sinam, BestComp, Neuron Technologies, Azercell, Enginet, GoldenPay and a number of other companies were to be included in the investor club.

This is an ordinary form of investment activity, which envisages the participation of investors in the development of the project as shareholders. The creation of such a club is important because it will allow commercializing ideas that require financial injections.

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