Baku, Azerbaijan, Jan.19
By Huseyn Veliyev - Trend:
The State Fund for Development of Information Technologies under the ministry of communications and high technologies of Azerbaijan has allocated 4.6 million AZN for the financing of IT-projects in the country in 2014, the state fund told Trend Jan.19.
The official exchange rate for January 19 is 0, 7844 AZN / USD.
A part of these funds was provided to 12 entrepreneurs, specializing in the field of information and communication technologies, in the form of soft loans.
"Another part of the state financing in the form of grants was allocated for implementation of 31 startup projects," the state fund said.
In late 2014, the state fund announced the second competition within the framework of startup projects grant support, the results of which will be announced this week. Some 65 start-up projects are represented in the second competition.
Some 5 million AZN have been allocated to support projects in 2014 from the budget of the state fund.
Small, medium and large loans can be allocated to finance the projects. The amount of small loans varies from 10,000 AZN to 50,000 AZN (for 3 years), medium - from 50,000 AZN to 500,000 AZN (up to 5 years), large - from 500,000 AZN to 5 million AZN (up to 10 years). The interest rate on the loans does not exceed 5 percent per annum.
The maximum grant amount can reach 300,000 AZN (for 36 months). Small grants are provided in size from 10,000 AZN to 100,000 AZN, medium - from 100,000 to 200,000 AZN, and large - from 200,000 AZN to 300,000 AZN.
The State Fund for Development of Information Technologies was established in accordance with the presidential decree of March 15, 2012.
The main objectives of the fund are implementation of the state policy on development and support of small enterprises in scientific and technical spheres, providing them with direct financial assistance, training, which in its turn will contribute to the creation of new workplaces in the country.
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