Azerbaijan’s Agency for Innovation and Digital Development, Pasha Holding set up venture capital fund [PHOTO]
Agency for Innovation and Digital Development under Ministry of Digital Development and Transportation of Azerbaijan and Azerbaijan’s Pasha Holding group of companies have created a venture capital fund, Trend reports.
Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev took part in presentation of the fund.
He emphasized that the creation of a joint venture fund with Pasha Holding group of companies is aimed at the future of country's innovation ecosystem.
"We believe that the fund will open up wide opportunities for developing innovative infrastructure, optimizing the business environment, attracting foreign investors to the country and bringing local projects to foreign markets," the minister said.
The fund's budget is 11.3 million manat ($6.6 million). Agency for Innovation and Digital Development and Pasha Holding allocated 5 million manat ($2.9 million), each of them, to budget of the fund, and individual entrepreneurs allocated 1.3 million manat ($764,000).
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