Azerbaijan’s KOBIA funds nearly $1.3M in grant projects

To date, the Small and Medium Business Development Agency (KOBIA) under Azerbaijan’s Ministry of Economy has funded grant projects totaling 2.2 million manats (just over $1.29 million), Samir Hummatov, First Deputy Chairman of KOBIA’s Board, stated during the closing event of the Innostart project held in Baku, Report informs.

According to Hummatov, over 20 of the funded projects are focused on digitalization.

“So far, 220 startup certificates have been issued. The evaluation process is conducted fairly and transparently by an expert council,” he added.

Grant competitions—including project evaluation, financing, monitoring, and reporting—are conducted in line with the Azerbaijani Cabinet of Ministers’ decision dated September 30, 2020, which approved the Rules for Financing Education, Science, Research, and Support Projects Related to the Development of Micro, Small, and Medium Entrepreneurship.

Under these rules, submitted projects are assessed by a seven-member Expert Commission representing both public and private institutions. Evaluations are based on 14 criteria, including the project’s potential impact on SME development, its level of innovation, feasibility, practical application, and the applicant’s experience and technical capacity.

Competition results—along with details about the winning SME, its project, and the awarded grant—are published on KOBIA’s official website.