The State Fund for Development of İnformation Technologies was established by the decree of the President of the Republic of Azerbaijan No.2095 dated 15 March 2012, it operates under the Ministry of Communications and High Technologies of the Republic of Azerbaijan and it is a state body that stimulates functions in the field of information and communication technologies, the innovations in this field, as well as provides financial support for the expansion of operative scientific researches.The Fund serves its functions in terms of the state and local self-governmental bodies, juridical people operating in the field of information and communication technologies, credit, financial and insurance institutions, associations which support the development of entrepreneurship, non-governmental and international organizations.
The purposes of the Fund are the development of entrepreneurship in the field of ICT in the Republic of Azerbaijan and its financial support, to attract local and foreign investment in this area, the integration of new technologies in the local economy, to support projects to expand the application of scientific researches and innovations,as well as to improve the investment climate in the ICT field, to ensure the promotion of the interests of local and foreign investors and take actions to participate in joint projects,to attract highly qualified staff, to conduct joint researches with the international experts on the efficiency and importance of projects, to stimulate the development of intellectual business with providing the flexibility of the projects and giving advice to manage joint projects.
The resources of the Fund are directed to the financing of the projects of investment and competition on the priority areas of the development of the sector of the information and communication technologies (ICT), as well as to the share capital of juridical people operating in the ICT sector, including to the investments by term with getting their shares. The Fund applies the following mechanisms to the financing of its projects
The share capital of juridical people operating in the ICT sector, including to the investments by term with getting their shares;
By the means of banks and non-bank credit institutions with the concessional credits (hereinafter – the authorized credit organizations) the financing of the entrepreneurship subjects operating in the field of ICT;p
Grant dinancing of the innovative and operative scientific-technical projects (startup project).