Azerbaijan, Baku / Trend corr I. Khalilova / The Supervisory Board of the Azerbaijani Investment Company (AIC) decided to establish a joint investment company with the Islamic Development Bank (IDB), AIC reported on 22 November.
AIC's share in the investment company will make up 25% for which AIC will pay $14mln. The new investment company will invest in Azerbaijani non-oil enterprises, except of the enterprises producing alcoholic drinks and pork food which contradicts with Islamic norms, as well as banks and insurance organizations.
Within 2 years the authorized capital of the joint investment company will be increased to $70mln. It is planned to involve the funds from private investment companies based in Arabic countries.
Establishment of the joint company was initiated by the President of the IDB Ahmad Mohammad Ali at the investment conference including Arabic institutions and investors which took place in Baku on 8 to 9 November 2006.
Since 1992 IDB has financed 26 projects in Azerbaijan in the total sum of $250mln.