Innovation Agency Being Created

Baku / 06.11.18 / Turan: On November 6, President of Azerbaijan Ilham Aliyev signed a decree on the creation of a legal entity under public law, the Innovation Agency (IA) under the Ministry of Transport, Communications and High Technologies (MTCHT).

The new agency is being created on the basis of the State Fund for the Development of Information Technologies and High-Tech Park LLC at MTCHT.

As noted in the presidential decree, the IA ​​is created to assist local entrepreneurs in acquiring modern technologies and technological solutions and organizing their transfer, supporting innovative research-oriented research, encouraging innovative projects (including start-ups), funding them through grants and concessional loans and investing in share capital (including venture capital), as well as promoting innovative entrepreneurship. -06D--

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