Azerbaijan, Baku / Trend corr. I.Khalilova / The Azerbaijani Investment Company (AIC) and the Islamic Corporation on Development of private sectors (ICD) will sign an agreement regarding the creation of a joint company on 29 November, the Azerbaijani Ministry of Economic Development reported.
Under the decision of the AIC Supervision Council, Azerbaijan's share in the jointly established company will constitute 25%. The AIC will invest in the non-oil sector of the country (excluding alcohol manufacturing and pork products, which contradict Sharia law), as well as banking and insurance organizations operating in standard financial conditions and providing insurance services.
The capital of the investment company is expected to reach to $70mln in two years. The company will be formed not only at the expense of AIC and ICD, but also through investments from Middle Eastern and Persian Gulf countries.
"Taking into consideration the reputation and experience of ICD, I believe that we have a good opportunity to draw investments from Arabian countries," AIC's head Anar Akhundov said.
Ahmad Mohammad Ali, ICD's president, initiated the formation of the financial agreement during a meeting held in Baku on 8 and 9 November 2006.
Since 1992, ICD has financed 26 projects in the amount of $250mln in Azerbaijan. ICD also opened credit lines to Azerbaijani banks in the amount of $10mln.