President of Islamic Development Bank Expected to Visit Baku

Azerbaijan, Baku, 5 May /corr. Trend I.Khalilova / The Islamic Corporation  for Development in private sector (ICD, a part of the Islamic Development Bank) plans to hold the next meeting of Board of Directors in Baku from 14-16 June, said the Deputy Executive Director of Azerbaijan Investment Company (AIC), Riad Gasimov, said. The President of Islamic Development Bank, Ahmed Muhammadali, who is Chairman of ICD Supervisory Board, is expected to visit Baku to attend the meeting.

In addition, the delegation will include nearly 30 investors from the countries in the Persian Gulf.

"It will allow the attraction of funds and investments into projects and Caspian International Investment Company (CIIC)," Gasimov said.

In the first quarter of 2008 the Caspian International Investment Company (CIIC), established by the Azerbaijan Investment Company and Islamic Corporation for Development. According to Gasimov, nearly $70mln is expected to be attracted from the investors of Persian Gulf into this company. At present, a group of specialists are working to prepare the projects which will be financed within CIIC. The projects will be announced before the conference.

After the conference, CIIC intends to hold a road-show in the Islamic countries, especially in Bahrain, Qatar and the UAE.

Nearly $70mln will be attracted into the CIIC within two years. At the initial stage, it will total $3 or $4mln.

Should, at the initial stage, the participation share of the Corporation in the CIIC make up 75%, during two years, it will reduce to 10% as a result of attracting investors from other countries of Near East and the Persian Gulf. AIC's share in the company made up 25%.

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