Singapore Corporation Interested in Investment Prospects of Non-Oil Sector of Azerbaijan
Azerbaijan, Baku, 12 March / corr. Trend I. Khalilova/ The state investment corporation of Singapore Temasek Holdings is interested in the participation in potential projects in the non-oil sector of Azerbaijan together with the Azerbaijan Investment Company (AIC), the AIC said.
Anar Akhundov, the President of AIC visited Temasek Holdings of Singapore at the invitation of the company's management. The investment portfolio of the company totals $100bln with foreign assets amounting to $65bln. Temasek Holdings has become the biggest player in financial markets worldwide.
The completion of projects in which the AIC is investing, may take up to four to five years, Mikhail Jabbarov, the Deputy Head Minister of Economic Development said.
At present, the AIC is part of six projects and some AZN55.2mln is expected to be invested in them. The initial authorized joint stock capital of the company was formed from resources of the State Oil Fund of Azerbaijan valued at AZN90mln.
The minimum volume of investment that AIC is able to earmark totals AZN1mln. The maximum limit of investment totals 20% of AIC capital in one project.
Some 35% (31.5mln) of AIC capital can be invested in any area.
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