Caspian International Investment Company Selecting Projects in Azerbaijan
Azerbaijan, Baku, 6 May / Trend corr. I.Khalilova / The Task Group of the Islamic Development Corporation of Private Sector (ICD enters Islamic Development Ban) has started holding meetings with the project entrepreneurs, which could be financed through the Caspian International Investment Company (CIIC). CIIC was founded by the Azerbaijani Investment Company (AIC) jointly with ICD, Anar Akhundov, Executive Director of the company stated.
Task Group will work for opening the CIIC office, as well as to hire workers and discuss projects.
In June, the selected projects will be presented to investors from Persian gulf in the conference. About $70mln is expected to be drawn from the Arabian investors.
The key goal of the investment company is to attract investments from the Arabian countries, and to decrease AIC and ICD share. As a result, AIC will not be a shareholder after four or five years. Today, Dubai-based banks have already shown their interest to become potential shareholders in CIIC.
The perspective directions of investing by Caspian International Investment Company in the projects in Azerbaijan were considered in the first founding meeting of CIIC. The projects were mainly in the sphere of agriculture, logistic, medicine, construction materials and service.
As per the strategy, the investments will be implemented into the real sector of economy excluding enterprises that manufacture alcohol drinks and pork products.
The company was founded with the authorized capital of $3-4mln. The figure will reach $70mln soon. AIC share is 25%.The company will be formed at the expenses not only from AIC and ICD, but also from the investors of Middle East and Persian Gulf.
The initiative to found such a financial institute was made by Ahmad Ali, President of IBD, within the framework of investment conference with participation of Arabian institutes and investors held in Baku on 8 and 9 November 2006.
On 6 May, the official rate is 0,828 AZN/USD.
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