Azerbaijan, Baku, 25 April / corr Trend I.Khalilova / Caspian International Investment Company (CIIC), established by the Azerbaijan Investment Company (AIC) and the Islamic Corporation for Development in private sector (ICD, a part of the Islamic Development Bank), has passed the state registration procedure, AIC reported on 25 April. At present, the development of business Plan of projects in the sphere of logistics, agro-business, construction of business and trade centers, hotel and refrigerator stores, and office furniture making business, is underway.
The Caspian International Investment Company will invest in the non-oil sector of economy in Azerbaijan, excluding banks and insurance organizations providing standard financing, as well as the enterprises counteracting the Shariat (Muslim) principles (manufacturing of alcohol drinks and pork products).
Anar Akhundov, AIC's Executive Director, said earlier that in June it is planned to hold a conference in Baku for the presentation of CIIC to the investment companies of Persian Gulf and projects which will be implemented with its participation.
The key goal of the company is to draw investments from the Arabic countries, which is sure to reduce AIC and ICD's participation share in the joint-stock company. Finally, within 4-5 years AIC will leave the joint stocking as specified by the AIC strategy. At present, Dubai and other banks of Persian Gulf state their potential of becoming shareholders of the CIIC.
The company was established with the primary authorized capital of $3 or $4mln. The sum will reach $70mln in two years. AIC's share in the company made up 25%. The company will not only be formed at an expense of AIC and ICD, but also at an expense of investors from the Middle East and Persian Gulf countries.
The Islamic Bank of Development, Ahmad Mohammad Ali, proposed to establish the company within the framework of investment conference along with Arabian Institutions and investors in Baku on 8-9 Nov 2006.
On 25 April, the official rate of 1 US dollar was AZN 0.8289.
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