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CIIC ready to draw additional investments in Azerbaijan no earlier 2012

Business Materials 2 March 2011 14:57 (UTC +04:00)

Azerbaijan, Baku, March 2 / Trend N. Ismayilova /

The Caspian International Investment Company (CIIC) plans to begin talks with investors after receiving the first results confirming the success of its investments, Executive Director Togrul Kocharli said.
"This year we plan to increase our capital. Perhaps, we will start talks with additional investors next year. But there are no concrete decisions yet," he said.

He added that the company's authorized capital is 31 million manat, and its investment portfolio on the three projects under implementation amounts to $16 million.

"All the investments that we have made are giving results now because we have recently entered the market and worked for 18 months. Therefore, first we want to get the financial results for these projects, and only then start talks with investors," he said.

He stressed that, at present, the company has received many projects for consideration. However, it is difficult to say which can be implemented.

The CIIC was registered in March 2008 as a closed joint stock company with an initial capital of 2.954 million manat. The company was established by the Azerbaijan Investment Company and the Islamic Cooperation for the Development of the Private Sector.
At present, the list of the company's shareholders has expanded. The Kuwait Investment Company Hares Group, Yemeni Al Ahmar Group, Sudanese MAM Group, and Dubai TANMIYAT Group, as well as the Islamic Development Bank, are among the company's foreign shareholders. The share of foreign shareholders in the CIIC capital exceeds 23 million manat.

According to the strategy, CIIC investments will be directed toward the real economy.
The official exchange rate is 0.7939 manat to $1.

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