President signs decree on establishment of Innovation Agency under Ministry of Transport, Communications and High Technologies

On November 6, President of the Republic of Azerbaijan Ilham Aliyev signed a decree on the establishment of the Innovation Agency under the Ministry of Transport, Communications and High Technologies of the Republic of Azerbaijan.
 
The decree states:
 
Guided by Paragraph 32 of Article 109 of the Constitution of the Republic of Azerbaijan, I decree:
 
1. To establish an Innovation Agency (hereinafter referred to as the Agency) under the Ministry of Transport, Communications and High Technologies of the Republic of Azerbaijan (hereinafter referred to as the Ministry). The Agency shall be created on the basis of the State Fund for Development of Information Technologies and the High-Tech Park Limited Liability Company, which are subordinated to the Ministry of Transport, Communications and High Technologies of the Republic of Azerbaijan;  
 
2. The Agency shall be a legal entity under public law, which shall assist local business entities in acquiring modern technologies and technological solutions and organizing their transfer, support innovation-oriented scientific research, encourage innovative projects (including startups) by funding them through grants, concessional loans and equity investments (including venture capital funding), promote innovative initiative.

 
3. Fulfillment of the founder’s authority in the Agency shall be entrusted to:
 
3.1. President of the Republic of Azerbaijan;
 
 
3.1.1. Approval of the statute and structure of the Agency;
 
3.1.2. Determination of the size of the statutory fund of the Agency;
 
3.1.3. Establishment of the executive body of the Agency, determination of its powers and their premature termination;
 
3.1.4. Reorganization and abolition of the Agency.
 
3.2. The Ministry undertakes:
 
3.2.1. To resolve other issues assigned to the authority of the founder of a legal entity (with the exception of those mentioned in Clause 3.1 of this Decree), as specified in Article 8.2 of the Law of the Republic of Azerbaijan "On Legal Entities under Public Law".  
 
4. The State Fund for Development of Information Technologies and the High-Tech Park Limited Liability Company under the Ministry shall continue their activity until the date of the state registration of the Agency that shall be carried out in accordance with the procedures established by the Law of the Republic of Azerbaijan on State Registration and the State Register of Legal Entities.
 
5. The Ministry undertakes:
 
5.1. To present draft statutes and structures of the Agency, as well as proposals on the size of its statutory fund, to President of the Republic of Azerbaijan within a period of one month;
 
5.2. To present proposals for the improvement of mechanisms on activity areas specified in Part 2 of this Decree to President of the Republic of Azerbaijan within a period of two months.  The mechanisms on activity areas shall be established under legislative acts of the Republic of Azerbaijan;
 
5.3. To take measures for resolving issues arising from the establishment of the Agency.
 
6. The Cabinet of Ministers of the Republic of Azerbaijan undertakes:
 
6.1. To prepare and present proposals on bringing the acts of President of the Republic Azerbaijan in compliance with this Decree to President of the Republic Azerbaijan within a period of three months;
 
6.2. To ensure that the regulatory legal acts of the Cabinet of Ministers of the Republic of Azerbaijan are brought in compliance with this Decree and to inform President of the Republic Azerbaijan about it within a period of three months;
 
6.3. To ensure that the regulatory legal acts of central executive bodies are brought in compliance with this Decree and to inform President of the Republic Azerbaijan about it within a period of five months;
 
6.4. To ensure that property is transferred from the balance of the State Fund for Development of Information Technologies and the High-Tech Park Limited Liability Company under the Ministry to the balance of the Agency within a period of one month;
 
6.5. To ensure that funds necessary for the operation of the Agency are envisaged when drawing up the state budget every year;  
 
6.6. To resolve other issues arising from this Decree.
 
7. Central and local executive bodies; state-owned legal entities, the controlling stake of which belongs to the state; and legal entities under public law created on behalf of the state shall render necessary assistance to the Agency for executing tasks arising from this Decree and shall provide the Agency with required information.
 
8. The Ministry of Justice of the Republic of Azerbaijan shall ensure that the regulatory legal acts of the central executive bodies and the acts of a legislative nature are brought in compliance with this Decree and shall inform the Cabinet of Ministers of the Republic of Azerbaijan about it.

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