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16.12.2013 10:30

Azerbaijan IT Development Fund to accept projects next year

Baku. Aynur Aliyeva APA-Economics. On the occasion of opening of Azerbaijan IT Development Fund, preparation and confirmation of all legal and normative documents will be completed at the end of this year and beginning of next year. Thereafter, people will be employed through the contest to be held by The Civil Service Commission under the President of Azerbaijan, ITDF Executive Director Elchin Zeynalov told APA-Economics.

According to him, the Fund has almost completed all works: The allocation for the Fund will be transferred to the account in 2014. At the first stage, AZN 5 mln will be allocated.

Zeynalov also noted that authorized banks to attend the financing of the projects have been selected at the last meeting of the Fund. These are Rabitabank, Bank Respublika, Demirbank and Pasha Bank. However, number of authorized banks could be increase to 10.

He recommended Azerbaijani businessmen to develop the projects which they wil submit next year.

Fund will operate on investment projects. The entities will receive AZN 10-50,000 small preferential loans (up to 3 years), AZN 50-500,000 medium loans (up to 5 years) and AZN 0.5-5 mln large loans (up to 10 years) from the Fund.

Grants on the projects will be allocated for 36 months. Sum of the grant will be AZN 10-300,000.

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