Azerbaijan to start financing IT projects next year
By Nigar Orujova
The financing of IT projects by the State Fund for the Development of Information Technology is expected to start in 2014, the Azerbaijani Ministry of Communications and Information Technology told Trend news agency on September 13.
According to the ministry, the fund's structure has been formed and the staff is being recruited at the moment.
"Funding for IT projects will be included in the next year's state budget. Accordingly, support for start-ups may begin no earlier than next year," the ministry said.
Earlier in September, the ministry said that work on organizing the activity of the state fund is drawing to a close.
The state fund plans to receive projects from developers by the end of next year. It will finance projects proposed by starting companies, as well as the firms which already have a foothold in the Azerbaijani market.
Direct financial support from the fund will help promising start-ups in science and technology.
The state fund was established to implement the state policy on the development of and support for small enterprises in scientific and technical fields.
According to the ministry, the fund's budget for this year is 15 million manats (over $19 million).