Azerbaijan, Baku / Trend corr. I.Khalilova / The Azerbaijani Investment Company (AIC) and Islamic Corporation of Development of the private sector (ICD) have made a deal to establish a joint investment company in Azerbaijan. An investment decision on the project will be adopted by the Supervisor Council of AIC in November, Anar Akhundov, the executive director of AIC, said. The project may be implemented by the end of the year. ICD will receive registration in Azerbaijan and open an office.
AIC share in the capital of the new company will make up 20%. "The allocated funds will be invested in three stages, Some AZN 12mln will be investment during the first stage," Akhundov said. Under proposals by ICD the authorized capital of the new company will make up $70mln within several years. Along with AIC and ICD, the Middle East and Persian Gulf will also invest in the company.
The investment company is planning to hold a road show in Middle Eastern countries in the next year.
"There are a range of entrepreneurs who have shown an interest in the project and we have already discussed this with some of them. We hope they will apply to the investment fund to make investments," Akhundov said.
Ahmad Muhammad Ali, President of ICD, proposed to establish such a financial institution during a conference with the participation of Arabian institutions and investors held in Baku on 8 and 9 November.
ICD has been financed 26 projects in the amount of $250mln since 1992, and ICD opened credit lines by the Azerbaijani bank in amount of $10mln.