Azerbaijan, Baku, March 2 / Trend N.Ismayilova /
The Caspian International Investment Company (CIIC), established by the Azerbaijan Investment Company (AIC) and the Islamic Corporation for the Development of the Private Sector (ICD), will present the project to build a complex of residential houses outside Baku in May, CIIC Executive Director Togrul Kocharli said today.
"At present, work is underway to establish the infrastructure - roads, utilities, and landscaping. Construction is close to completion and the project will be presented to the general public in May," Kocharli said.
The project involves the construction of 169 villas in the Saray settlement 18 kilometers from Baku. The CIIC has allocated about 6.4 million manat, which is 20 percent of its value to invest this project, Kocharli said. The draft also provides for the construction of a kindergarten complex, and a sports and entertainment center. According to forecasts, the project is expected to be fully completed in the first quarter of 2011.
The CIC has funded three projects to date. The second project involves the construction of a refrigerator storage complex with a capacity of 25,000 tons in the Samukh region. The CIIC and N.A.A Agrotara signed an investment agreement in June. The company's total investments in the project amount to 5.5 million manat.
The third project is aimed at the development of the agribusiness and agricultural sector. The project provides for funding the country's only salad producer. A greenhouse meeting modern requirements will be constructed under the project. The CIIC will issue about 1.5 million manat or 68 percent of the total project cost to finance the project.
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. The participation share of the AIC was 25 percent and the ICD - 75 percent.
The State Securities Committee has registered the issue of a prospectus of 62,040 shares of the CIIC with a par value of 850 manat per share aimed to increase the capital on Sept. 23, 2009.
According to the strategy, CIIC investments will be directed toward the real economy.
The official exchange rate is 0.7939 manat to $2 on March 2.