Entrepreneurship Development Fund established in Azerbaijan

On 1 August 2018, the President of the Republic of Azerbaijan Ilham Aliyev signed a decree to establish an Entrepreneurship Development Fund, which will enhance government support for entrepreneurs and businesses while increasing their opportunities for growth and innovation.

Nearly 1.1 billion Azerbaijani manats ($645 million USD) have been allocated to the Fund, which will be used to create and support business communities in Azerbaijan and to develop entrepreneurship in new areas outside of the oil sector. The Fund will also provide entrepreneurs with consulting services, training sessions, investment projects and more to assist them in their development – which also extends to support in the event of overseas expansion. 

Azerbaijan’s economy tripled in size between 2004 and 2014, and if Baku is chosen to host Expo 2025 in the upcoming vote in November, the event would encourage further economic progress in the fields of education, health and work to ensure that entrepreneurship in Azerbaijan and across the world continues to flourish.