ICT Fund will be impartial when evaluating projects of beneficiaries
Promulgated are regulations of preferences of projects by the State Fund for ICT development in the Ministry of Communications of Azerbaijan.
As noted in the official information on the ministry's website , funded grant competitions will be given to innovative scientific and technical projects for small businesses, specializing in information and communication technologies.
Goals and objectives, taking part in the project tender should be clearly marked, and have a reasonable idea of ??the potential to contribute to the development of the ICT sector in Azerbaijan and the commercialization of the project. The best projects are designed to play an effective role in the implementation of Azerbaijan's ongoing international and regional projects. The aggregate funding grant project must be justified .
Announcement of the competition will be given to media and electronic resources ( in the foundation's Web site and other related resources , news agencies , television, radio , print , etc.) , through presentations .
Within the framework of the competition is the same person only once, can act as an executor or manager for extended projects. In special cases, the same person may act as a leader in one of the two projects of this contest , in which the given ad , and the other to participate in the status of the participant.
As previously reported , the beginning of the fund is scheduled for late 2013, when the announcement will be made and the first competition of the grant . - 17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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