The main objectives of the Fund
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 main objectives of the Fund
- To ensure the efficient and proper use of the fund’s assets; to stimulate product-oriented activities in the field of ICT, the application of innovation in this field, as well as the provision of the implementation of projects and programs which are important for the state and society in order to expand the operative researches.
- To explore export-oriented projects in the field of ICT, to evaluate their economic effectiveness, to develop innovation-oriented projects, to provide financial support and to attract foreign investment;
- To finance projects to attract investments in order to enhance the performance of local juridical people operating in the field of ICT in foreign markets.
- To develop the innovations in the field of ICT and to provide venture financing to transform them into business projects;
- To expand the use of concessional financial resources through the Fund’s resources by the means of banks and non-bank credit institutions (hereinafter – the authorized credit organizations) which are authorized for the promising and emerging, small and medium business subjects operating in the field of ICT;
- To make the juridical people participate as a shareholder in the authorized capital in the field of ICT in the Republic of Azerbaijan in order to promote domestic and foreign investment;
- To attract investments and ensure the realization of technological transfer in order to provide production and technological cooperation between domestic and foreign juridical people operating in the field of ICT;
- To make recommendations for analyzing investment climate and its improvement in order to attract the investments of the country’s economy;
- To take measures to attract financial resources to the Fund, as well as to negotiate and make suggestions in the manner prescribed by law to attract loans from financial markets;
- To provide projects about the integration of new technologies in the field of ICT into the local economy, the promotion of innovation and stimulation with investments;
- To take actions in order to stimulate the entrepreneurship in the field of ICT and to increase the production activities of the juridical people operating in this field.
- To finance the creation and development of technology parks, business incubators and other innovative infrastructure units in the relevant field in order to ensure the future development of ICT;
- On the basis of the competition to choose the innovative and operative scientific-technical projects (startup project) that will be carried out by small enterprises specialized in the field of ICT;
- To fulfill the projects selected on a competitive basis in the form of grant funding and to provide the specialization of these projects in the following spheres of the ICT sector:
1. the preparation projects of the advanced software;
2. the preparation projects of the innovative ICT product samples ;
3. the development of innovative infrastructure projects, including the development of new technologies and their commercialization projects;
4. the creation of information systems projects using modern technologies;
5. expansion of ICT services, including the development of the projects of the Internet services;
- To carry out the examination of the investment projects that will be financed by the Fund;
- To prefer the financing of investment projects that arise from the state programs which aim the development of ICT;
- To determine the minimum requirements, the conditions of competitions and the evaluation criteria of the investment projects on the drafting of them to get the concessional loans with the help of the Fund;
- To participate in the preparation and implementation of the local and regional programs and investment projects, in the formation of market infrastructure providing the development of entrepreneurship, robust competition and goods markets in the field of ICT;
- To control the correct use of resources allocated by the Fund, to take measures in accordance with the law to suspend the financing and return of the allocated funds if it is not used for the intended purposes;
- To organize conferences, seminars, exhibitions and other international and local events which is directly related to the Fund’s activities and participate in them;
- To act as a mediator between the entrepreneurs and the subjects of new ideas and innovation in the field of ICT and for this purpose provide them with the business consulting and expert services;
- To stimulate the training of personnel, to create a database of talented young people, young ICT professionals and scholars;
- To provide informing the people about its performance, the creation of a website, the placement of the information which has the list determined by the law and public disclosure of the information in the website and constantly updating the information;
- To engage in the advertising and publishing activities prescribed by law to stimulate the development of entrepreneurship in the field of ICT;
- To carry out other tasks defined by the acts of the President of the Republic of Azerbaijan in accordance with their functions;