Azerbaijan, Baku, 30 January / corr. Trend I. Khalilova/ The initial investments to the venture fund established in Azerbaijan on the basis of the memorandum of mutual understanding signed by Azerbaijan Investment Company (AIC), GILD investment bank and Estonian Caspian Group, will exceed $100 mln, Heydar Babayev, the chairman of the Supervisory Board of the AIC and the minister of economic development of Azerbaijan said. The share of the AIC in the fund will be determined later.
The establishment of the venture fund is aimed at investing to the Azerbaijani economy and the AIC should draw the investments to the real sector of the country not only directly, but also through the venture fund.
"The main purpose of the fund's establishment is to produce a multiplication effect, in other words AIC will draw investments ten times more due to the finance that was put up," the minister said.
The initiators of the fund have reached an agreement to make joint effort in the establishment of the body and in drawing investments to the different spheres of the economy.
Azerbaijani Investment Company is a memer of the two organizatuions specialized in this sphere, the
European Private Equity and Venture Capital Association (EVCA) and Emerging Markets Private Equity Association (EMPEA).
The membership in these organizations contributes to the integration of AIC to the international investment union.