The Executive Director of the State Fund for Development of Information Technology (ITIDF) Elchin Zeynalov gave his first interview after being on the job. "Lucky" was the newspaper of signalers industry Rabita Dunyasi.
According to him, the new organization under the Ministry of Communications and Information Technology (MCIT) is ready to act as financial contributor for the residents of high-tech park, for projects of "incubators" for innovative entrepreneurship and research centers in the field of ICT.
He recalled that on April 2 presidential decree approved Regulation ITIDF and rules for the use of the fund. He said that the fund will finance loans, investments, equity participation in the winners of the design competition. Grants will be provided for projects start up. Lending is through authorized banks and non-banking credit organizations. The Fund has the right to participate in the capital and through the provision of urgent investments to shareholders.
Investments in capital to the Fund, it shall be approved by the supervisory board. The Fund may also enter into a consortium of investors. Limit its participation in the capital is not installed.
In addition, the financial line that can be opened by an authorized agent of the lending should be limited to 150% of its share capital. In case of late payment (both the amount and the interest on it) fund agent is free to apply the sanctions of the law.
Small loans in the amount of 10-50 manats Fund are issued for up to 3 years. Average loans (50 - 500 manats) are issued for a period of 5 years, the large (500 million - 5 million manat) - up to 10 years. Employers are entitled to a maximum of 5 million manat at a rate loan fund of up to 5%. Both natural and legal persons (including non-profit organizations) may receive grants (up to 300 thousand manat) for the realization of projects for a maximum of 3 years.
State Fund for Development of Information Technology in 2095 established the order of the number of Azerbaijani President March 15, 2012. - 17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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