“We currently do not have financial mechanisms in place to ensure the financing of startups,” said Minister of Digital Development and Transport, Rashad Nabiyev, during a meeting chaired by Ilham Aliyev dedicated to the unified action plan titled “Azerbaijan’s New Digital Architecture,” APA-Economics reports.
“This applies whether it is venture financing, crowdfunding, or so on. There is already a draft law on this, and the action plan also provides for this draft law to be adopted within the next few months. If it is adopted, then in reality today we have only three funds with a total volume of 12 million manats that do not reflect the potential of our market. That is, there are angel investors who have invested 12 million manats. Another 12 million manats are investments that will be made in various startups at different levels, which is not sufficient for the development of the market. If such a mechanism is created, I am confident that by attracting both local investors and funds from abroad, we would give a significant boost to the development of the market,” the minister said.
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