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ADB allocates $500 000 to support Azerbaijani start-ups

21 December 2020 12:07 (UTC +04:00)

The Asian Development Bank (ADB) approved a technical assistance program of $500 000 aimed at fostering the development of tech start-ups in Azerbaijan. The project is funded by the e-Asia and Knowledge Partnership Fund of Korea, ADB told APA-Economics.

The proposed technical assistance will support INNOLAND, an incubation, acceleration, and research center of the Innovation Center at the State Agency for Public Services and Social Innovations under the President of Azerbaijan to set up effective and efficient institutional arrangements at the local level for tech start-ups support.

Incubation and acceleration services will be delivered in Ganja and Sheki towns through: (i) the Ganja State University's (GSU) and the Azerbaijan State Agrarian University (ASAU) and (ii) INNOLAND's branch office - INNOLAND Sheki, respectively.

Note that Azerbaijan joined the ADB in 1999. Since 1999, the ADB has allocated more than $5.2 billion in credits to the country.