Date Confirmed for of IDB President’s Visit to Azerbaijan
Azerbaijan, Baku, 5 June /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 on 12 June, a source at Azerbaijan's Ministry of Economic Development said on 5 June. 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, he is expected to meet with the President of Azerbaijan, Ilham Aliyev, and governor from Azerbaijan, Minister of Economic Development, Heydar Babayev.
In addition, the delegation will include nearly 30 investors from the countries in the Persian Gulf. They will attend investment company on 13 June, which will be organized by Azerbaijan Investment Company. During the event, projects will be presented, which are envisaged to be financed within Caspian International Investment Company (CIIC) established in co-operation with ICD. Key task is to attract investment from Arab countries into CIIC.
The Caspian International Investment Company (CIIC) was established by the Azerbaijan Investment Company and Islamic Corporation for Development on 29 November 2007. Nearly $70mln is expected to be attracted from the investors of Persian Gulf into this company. The projects being considered within CIIC focus on commercial real estate (office and buildings), logistics and infrastructure.
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% ($14mln).
Official exchange rate on 5 June is 0.8209 AZN/USD.
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