Azerbaijan establishes State Information Technology Development Fund to finance IT projects

The establishment of the State Information Technology Development Fund will create a favorable atmosphere to expand innovative bodies' activity, Director of the Institute of Information Technologies Rasim Aliguliyev informed press.

The order on the establishment of the State Information Technology Development Fund under the Azerbaijani Communications and IT Ministry has been recently signed by the president. Aliguliyev said that the establishment of the fund once again proves that the state pays special attention to the development of the ICT sector.

The fund's resources will be available to different bodies that contribute to productive use and development of the country's financial component of the ICT sector.

"The fund will support innovative projects and create a favorable atmosphere to attract foreign capital," he said. "IT sector is rapidly changing. The process requires financial support. The matter rests in technologies and legal regulation of the issue. The staff is also important. There are certain gaps in this sphere."

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