State Fund for the development of information technology becomes capable

President Ilham Aliyev approved the Regulations on the activities of the State Fund for Development of Information Technology in the Ministry of Communications and Information Technology (MCIT AR). Approved were the rules of the fund.

The Fund will finance loans, investments, equity in the winners of the design competition. Grants will be provided to the project start up. Lending is through authorized banks and non-bank credit institutions. The Fund has the right to participate in the capital and through the provision of urgent investment 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.

The financial line opened to the authorized agent for loans, should not exceed 150% of its share capital. In case of delayed payment (both the amount and the interest on it) Fund Agent is free to apply the sanctions of the law.

Small loans of AZN 10-50 are issued by the fund for up to 3 years. Average loans (50 - 500 AZN) are issued for a period of 5 years, the large (500 - 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 was established by Decree 2095 of the Head of State on March 15, 2012. - 17D-