The selection of the most effective and promising projects in the field of information and communication technology is scheduled for December.
According to the member of the Supervisory Board of the State Fund of ICT Osman Gunduz , the projects will be funded at the expense of small, medium and large loans , and grants from the fund . Small loans will be granted for a period of 3 years from 10 000 to 50 000 manats , medium - up to 5 years from 50 000 to 500 000 manats , large - up to 10 years from 500,000 to 5 million manat at a maximum interest rate of not more than 5 % per annum.
The maximum grant amount is AZN 300,000 for an approximate period of 3 years. The minimum amount is 10,000 AZN. To finance the project will attract authorized banking and non-banking credit organizations.
According to Gunduz , executive director of Elchin Zeynalov intends to hold a meeting with them to discuss cooperation . The selection of the authorized organizations will be carried out after the approval of the criteria for their selection and form of signing a contract with them. The primary version of the criteria has already been submitted to the Supervisory Board approval is expected within the next 15 days. - 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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