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02.05.2014 14:14

Azerbaijan to allocate additional funds for start-up projects

Azerbaijani Ministry of Finance is ready to allocate additional funding to the State Fund for Development of Information Technologies to support the start-up projects in the country.
The ministry is willing to provide additional five million manat to the state fund, considering to have efficient allocation of funds provided to financing projects in 2014, a source in the Azerbaijani telecommunication market told Trend.
The first tranche in the amount of 2.5 million manat has already been allocated to state fund.
The allocation of the second tranche to the fund is expected in May. The funds will be distributed in the form of grants and loans through authorized credit organizations.

Allocation mechanisms of the funds of the State Fund and the range of the projects that can be funded are available on the on the fund's webpage (ictfund.gov.az).

"The entrepreneurs will be able to apply to the State Fund using the" Electronic government" (e-gov.az) in the near future. The procedure for applying to the fund is fully automated, and the service will be included in the list of electronic services of the Ministry of Communications and High Technologies of Azerbaijan," the source said.

A decree establishing funds on the balance sheet of the Ministry of Communications and Information Technologies of the State Fund for Development of Information Technology was signed by President of Azerbaijan Ilham Aliyev on March 15.

Its primary aim is to conduct public policy development and support of small enterprises in the scientific and technical fields providing them with direct financial assistance and training which in turn, facilitates the creation of new jobs.

The official exchange rate on April 29 is 0,7843 AZN / USD.

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