Structure of Azerbaijani State Fund for ICT to be approved in next few days
The position and structure of the Azerbaijani State Fund for ICT Support will be approved in the next few days, the Minister of Communications and IT of Azerbaijan, Ali Abbasov, told media. He said that the initial amount of funds will hit around 15 million manat.
The fund's charter is currently being developed to draw private capital to this project. Several foreign companies have expressed their willingness to invest in this fund. A decree establishing funds on the balance sheet of the Ministry of Communications and Information Technologies from the State Fund for the Development of Information Technology was signed by Azerbaijani President Ilham Aliyev on March 15. The fund will be financed from the state budget and all sectors of the population will benefit from these advantages.
The fund will provide direct financial support to promising “start-ups” (a start-up is a business idea designed for quick implementation) in science and technology. The initial budget of the fund is expected to reach 15 million manat.
This amount was requested by the ministry from the state budget for 2013. Its primary aim is to conduct public policy on the development and support of small enterprises in scientific and technical fields, providing them with direct financial assistance and training, which in turn will facilitate the creation of new jobs.
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