(MENAFN- Trend News Agency)
BAKU, Azerbaijan, June 14. Agency for
Innovation and Digital Development under Ministry of Digital
Development and Transportation of Azerbaijan and Azerbaijan's Pasha
Holding group of companies have created a venture capital fund,
Trend reports.
Azerbaijani Minister of Digital Development and Transport Rashad
Nabiyev took part in presentation of the fund.
He emphasized that the creation of a joint venture fund with
Pasha Holding group of companies is aimed at the future of
country's innovation ecosystem.
'We believe that the fund will open up wide opportunities for
developing innovative infrastructure, optimizing the business
environment, attracting foreign investors to the country and
bringing local projects to foreign markets,' the minister said.
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).
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