Azerbaijan, Baku / Trend corr. I.Khalilova / The financial capacity of Azerbaijan enables us to re-capitalize the Azerbaijani Investment company with budget funds, Heydar Babayev, the Minister of Economic Development, said.
"We do not limit the investments of the company to $100mln capital. The state will allocate the necessary funds needed by the company. However, there are enough funds to develop projects," the minister said.
The company began to estimate its portfolio in order to define the demands and draw foreign loans for the further financing of projects. The portfolio of the company constituted $25 to $30mln which is reserved for concrete projects, Anar Akhundov, the company's executive director, said.
Four internationally recognized audit companies will assess the company's 2007 activities. The company is cooperating with the International Financial Corporation to introduce a corporate management.
According to the minister the company is holding negotiations with Lafarge to construct a concrete plant and oil and chemical complex.
The initial authorized capital of the company was formed by the State Oil Fund of Azerbaijan (SOFAZ) at AZN 90mln.