First venture capital fund established in Azerbaijan
Caucasus Ventures, the first venture capital fund in Azerbaijan, has been established, the country’s minister of digital development and transport announced on Tuesday, News.Az reports.
Speaking at an event dedicated to the establishment of Caucasus Ventures, Minister Rashad Nabiyev said the financing of start-up projects in Azerbaijan was carried out through state grants and bank loans.
“This fund is the first one established as a public-private partnership. The establishment of this fund will attract foreign investors to this area. Besides, this year the ministry has allocated funds for the training of 650 IT specialists. It’s planned to prepare annually 3,000 specialists,” Nabiyev said.
“By the end of the year, a number of laws will be adopted for participants in the IT sector and the startup ecosystem, which will accelerate the development of this sector of the country,” the minister added.