State Fund for ICT development to be created in Azerbaijan

Ministry of Communications and Information Technologies of Azerbaijan proposes to create a state fund of information and communication technologies.

'In order to accelerate the development of entrepreneurship in the ICT sector, the Ministry of Communications and Information Technologies has begun work on a new project - the creation of the State Fund for ICT development.

The aim of the project is to ensure the application of new innovative projects that improve the investment environment, creating conditions for implementation of joint projects', said Deputy Minister of Communications and Information Technologies Iltimas Mammadov.

The deputy minister stressed that the establishment of the fund will attract highly skilled professionals, promote conducting of joint research with foreign experts to determine the effectiveness and importance of the project.

In addition, management basis will be created to manage projects and development of intellectual business. Mammadov noted that the activities of the State Fund for ICT Development will be based on venture capital financing.

"By means of the venture fund, it is possible to use foreign capital for the implementation of risky, but at the same time promising innovation projects", he added.

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