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Azerbaijan to Invest $4 Billion in ICT

Investment in the development of the ICT sector in Azerbaijan is expected to reach $4 billion by 2020.

The news was announced by Ali Abbasov, the Minister of Communications and High Technologies.

"In accordance with the 'Azerbaijan 2020: Vision for the Future' development concept, the volume of the ICT sector in the country will increase 4.5-5 times at an average annual growth rate of 15-20 percent," he said.

Abbasov stressed that Azerbaijan's ICT sector revenues will reach $8-8.5 billion by 2020, about 10 percent of the GDP.

He also noted that the development project of broadband internet will initially cover 2014-2016 in Azerbaijan.

The Azerbaijani State Oil Fund is going to allocate about 103 million manats ($131 million) to the implementation of the project in the first stage.

The cost of the 'Fiber to the home' project is estimated at more than 450 million manats ($573 million). The project is considered highly profitable. Around 30-35 percent of its total cost will be financed through reinvestments.

The ultimate goal of the project is to provide the whole country, including remote rural settlements, with high-speed Internet in the range of 30-100 Mbit/s, and increase the number of broadband Internet users up to 85 percent.

This will allow Azerbaijan to reach the level of developed countries by 2017.

At present, around 70 percent of the population uses the Internet in Azerbaijan, and the penetration rate of broadband Internet among the population is 50 percent.

Source: AzerNews

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