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Wednesday, December 13, 2017

Azerbaijan to fund 31 various start-up projects over three-year period

More than 30 start-up projects will soon be financed by Azerbaijan's State Fund for ICT Development.

"The Supervisory Board of the State Fund for Development of Information Technology has picked up 31 start-up projects that will receive the grant funding," the fund said.

The projects, which have already been evaluated by expert groups based on criteria previously approved by the Superior Board, were evaluated between April and May. Approximately 194 projects were presented, with the board narrowing the number to 59.

A council held last week trimmed the total number of projects to 31, with the majority of projects focusing on high technology, e-payments, software applications, aviation navigation system, e-government and e-commerce, along with projects in education, health and other areas.

The maximum grant for a project is $380,000, which will be provided over a three-year period. Smaller grants range from $12,000 to $130,000, while mid-size grants range from $130,000 to $250,000.

Azerbaijan's State Fund was established as a means of developing and supporting small enterprises in the scientific and technical fields through investments, grants and credits.