The share of two companies (GoldenPay and Enginet) was 900 thousand manat of concessional loans from the State Fund for development of ICT in the Ministry of Communications and High Tech of Azerbaijan.
According to the report on the website of the government structure, GoldenPay was allocated AZN 400,000 through Pasha Bank for the development of online payment system. Enginet was allocated by half a million AZN through Bank Respublika for the organization of Internet services and the expansion of the network with the use of modern technology.
We recall the main stated aim of the Fund is the development of entrepreneurship in the ICT sector and to provide financial support to attract local and foreign investment in the sector, ensuring the integration of new technologies into the local economy, and improve the investment climate in the ICT sector.
In the past and this year, the Fund has got a budget of 5 million manat for the issuance of loans and grants for projects in the field of information technology. According to the terms, the Fund may allocate loans under the following conditions:
- From 10 000 up to 50 000 manat - small loans, term of delivery - up to 3 years,
- From 50 001 to 500 000 manat - average loans, term of delivery - up to 5 years,
- From 500 001 manat to 5 million manat - large loans, term of delivery - up to 10 years. Credits are awarded at a rate of 1% per annum.
The same conditions are for grants, which are not subject to interest.
The portal for online payments GoldenPay was launched in December 2008, after obtaining safety certificates from Visa (Verified by Visa) and MasterCard (MasterCard Secure Code). The authorized capital of the company is equal to 571 thousand manat.
Development priorities of Enginet are the implementation of major projects of social importance for the implementation, development and outsourcing of info-communications infrastructure, information security systems, energy and engineering systems, application platforms in large enterprise and industry. --17D-
Economics
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