Baku: '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.

According to Azeri-Press News Agency, the minister highlighted the absence of necessary frameworks for venture financing and crowdfunding. He revealed that a draft law addressing these issues has been prepared and is expected to be adopted within the next few months. This development is seen as crucial, given the current scenario where only three funds, totaling 12 million manats, are available, failing to tap into the full potential of Azerbaijan's market.

Minister Nabiyev explained that angel investors have contributed 12 million manats, and another 12 million manats are earmarked for investment in various startups. However, these amounts are considered inadequate for market development. He expressed optimism that the establishment of new financial mechanisms would attract both local and international investors, thereby significantly boosting the growth of the market.