Venture Capital Fund to Be Created for Mass ICT Development
The State Fund for Development of Information Technologies of Azerbaijan intends to initiate amendments to the legislation in order to free resources of the insurance market and the social security fund can be a source of venture capital start-up projects.
As told reporters a member of the Supervisory Board of the Internet Forum President Osman Gunduz, it is part of the proven foreign experience. Venture capital funds around the world play an important role in the development of the Internet business and start-up movement, as only the state is not enough to support the thriving ICT sector and private entrepreneurs are reluctant to invest because of the virtual absence of risks security in Azerbaijan. --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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