Venture foundation to be established in Azerbaijan

Ministry of Transport, Communication and High Technologies and DAAL Venture Capital have today signed a memorandum of understanding (MoU) within the Monex Summit, Report informs.

According to the MoU, a foundation will be established. The foundation will invest in Azerbaijan-based startups. In order to show the real initiative, amount of investments made in Azerbaijani startups out of the Foundation will be announced within the Monex Summit.

The partners of the event, which will last until June 1, 2019, are the Ministry of Transport, Communication and High Technologies, Heydar Aliyev Center, Central Bank of Azerbaijan, Financial Markets Supervisory Authority, Synergy Partnership and FA International Trade Events, the American Chamber of Commerce in Azerbaijan (AmCham).

Monex Summit brought together the significant leaders in financial technologies and banking industry. The event is being attended by speakers of more than 300 local and foreign companies, regional states and Central Banks, PASHA Bank, Societe Generale, Sberbank, ING Bank, Alibaba.com, Mastercard, Oracle, investor, bankers. Large amount of investments will be announced at the event.