Azerbaijani ministry, DAAL Venture Capital sign memorandum of understanding
By Trend
A memorandum of understanding has been signed between the Ministry of Transport, Communications and High Technologies of Azerbaijan and the DAAL Venture Capital company at the international Monex Caspian Summit, Trend reports.
The purpose of the memorandum is co-financing of startups in Azerbaijan. The memorandum provides for the creation of a joint fund by the ministry and the company that will invest in start-ups in Azerbaijan.
In the future, this fund will invest not only in local structures, but also in regional start-up projects, which will turn Azerbaijan into a regional center in this field.
During the event, DAAL Venture Capital announced that at the initial stage, it will allocate funds to at least four start-up projects in Azerbaijan.
The international Monex Caspian Summit is held in Azerbaijan as part of the InnoFest innovation festival on May 30-31, 2019.
According to the strategic roadmap approved by President of Azerbaijan Ilham Aliyev, all services provided by Azerbaijani banks will have to be provided in electronic format by 2025.
The Monex Caspian Summit is aimed at developing new business opportunities in Azerbaijan, strengthening cooperation ties and identifying the latest trends.
The summit, organized with the support of the Ministry of Transport, Communications and High Technologies of Azerbaijan, is attended by over 300 local and foreign companies, and over 70 speakers and representatives from about 50 countries.
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