Azerbaijan, Baku, 30 January / Trend corr I. Khalilova / On 28 January, the Azerbaijani Investment Company (AIC) and the Black Sea Trade & Development Bank signed a memorandum of understanding for bilateral cooperation. The memo was undersigned by the Black Sea Bank's President Hayrettin Kaplan, who is currently visiting Baku, and the AIC Executive Director Anar Akhundov. The ceremony was attended by the Azerbaijani Economic Development Minister Heydar Babayev, who is the chair of the AIC Supervisory Board.
The memo envisions the following types of cooperation:
- joint investing in the non-oil sector of the Azerbaijani economy;
- joint research in different economic fields;
- joint appraisal and fiscal analysis of projects;
- information exchange on projects and potential investors;
- expansion of investor networks;
- implementation of educational programs and trainings for AIC employees by the representatives of the Black Sea Bank;
- joint technical support to commercial organizations operating in Azerbaijan.
The Black Sea Bank and AIC also agreed to launch activities in the fields of mutual interest.
Within the framework of regional development support, the Black Sea Bank finances projects in its member countries and has stocks in authorized capitals. The Bank has been cooperating with Azerbaijan since 2002 and owns a capital of $1.5bln formed by 11 countries.
Azerbaijan has been the shareholder of the Black Sea Trade & Development Bank since its foundation in November 1999.
AIC was established by the order of the Azerbaijani President issued on 30 March 2006. The authorized capital of the company totals AZN 90mln. The maximal limit for AIC's participation in a project or an affiliated with it organization is 25% of its capital. For the time being the limit is AZN 18mln, but it will change depending on the amount of the capital. AIC can invest up to 35% (AZN 31.5mln) in any field.