The Azerbaijan Investment Company JSC is established at the 30 March 2006 decree by Azerbaijani President Ilham Aliyev on additional measures on facilitating of investment activities.
In accordance with the decree, the preliminary statutory capital of the company is formed at the expense of the funds of the State Oil Fund of Azerbaijan (SOFAR). The company is mainly aimed at timed investment through acquisition of shares of joint stock companies and other commercial organizations, involved in non-oil sector
Under item 2.6 of the decree, the shares of the company are at disposal of the supreme governing body Supervisory Council.
The Minister of Economic Development, Heydar Babayev was appointed the chair of the Supervisory Council, the chief director of SOFAR, Samir Sharifov - his deputy.
The members of the Supervisory Council are the First Deputy Minister of Finance, Ilgar Fatizade, the deputy chair of the State Property Management Committee, Rustam Shahbazov, Director General of the National Bank of Azerbaijan, Shahmar Movsumov.
The Azerbaijani Cabinet of Ministers is charged in solution of other issues coming from the decree.