(MENAFN- Trend News Agency)
BAKU, Azerbaijan, June 14. Azerbaijan plans to
adopt a law on the development of start-ups by the end of 2022,
Azerbaijani Minister of Digital Development and Transportation
Rashad Nabiyev said at an event on the presentation of a venture
capital fund, Trend reports on Tuesday.
The fund was established by Agency for Innovation and Digital
Development under Ministry of Digital Development and
Transportation of Azerbaijan and Azerbaijan's Pasha Holding group
of companies.
The fund's budget is 11.3 million manat ($6.6 million). Agency
for Innovation and Digital Development and Pasha Holding allocated
5 million manat ($2.9 million), each of them, to budget of the
fund, and individual entrepreneurs allocated 1.3 million manat
($764,000).
Nabiyev emphasized that it is planned to create a special zone
for the development of start-ups in Azerbaijan.
'The relevant document has already been prepared and is being
discussed in government. We expect it to be adopted by the end of
2022,' Nabiyev said.
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