SFDIT Supervisory Board holds its first meeting in new composition

The Supervisory Board of the State Fund for Development of Information Technologies (SFDIT) under the Ministry of Transport, Communications and High Technologies held its first meeting in a new composition.

The meeting discussed the issue of determining the amount of financing concessional loans, grants and investment activities, lines of credit for authorized banks for 2019, as well as making changes in several legal documents regulating the activities of the Fund.

During the meeting, there was an exchange of views on the rules of investment of the State Fund for Development of Information Technologies.

Chairman of the Fund’s Supervisory Board, Deputy Minister of Transport, Communications and High Technologies Elmir Velizade noted that the Innovation Agency under the Ministry of Transport, Communications and High Technologies was created on the basis of the State Fund for Development of Information Technologies and High-Tech Park LLC in accordance with the relevant decree of the President of the Republic of Azerbaijan.

He recalled that the State Fund and High-Tech Park will continue their activities until the date of the state registration of the Agency in the manner prescribed by the Law of the Republic of Azerbaijan “On State Registration and State Register of Legal Entities.

“Taking this into consideration, a new composition of the Supervisory Board of the State Fund for Development of Information Technologies was approved by the order of the Minister of Transport, Communications and High Technologies. Today’s meeting will also focus on the tasks set,” the Deputy Minister added.

It should be noted that in accordance with the decree of the President of the Republic of Azerbaijan on the approval of the Regulations on the State Fund for Development of Information Technologies under the Ministry of Transport, Communications and High Technologies of the Republic of Azerbaijan, the Supervisory Board consists of 7 people. Four represent relevant government bodies, including the Ministry of Transport, Communications and High Technologies, Ministry of Finance, Ministry of Economy, Ministry of Education and three – non-governmental organizations.

At the end of the meeting, members of the Supervisory Board discussed the issues on the agenda, put forward new proposals and several important decisions were adopted.