Azerbaijan, Baku, 12 June / Trend corr. I.Khalilova / The first meeting of the Council of Directors of the Islamic Private Sector Development Corporation (ICD is the member of Islamic Bank of Development) with participation of Ahmad Mohammadali, President of the Corporation took place in Baku on 12 June, the Azerbaijani Ministry of Economic Development reported. Mohammadali has already met with the Azerbaijani President Ilham Aliyev and stated about the interest of groups and corporations to finance projects in Azerbaijan.
At present, the portfolio of the bank comprises $300mln and corporations - $20mln.
Azerbaijan is not a member of ICD and therefore it does not take part in the meeting of Directors. However, Azerbaijan is a member of the Corporation. Corporation was founded in Jidda in 1999.
The meeting of the Council of Directors will coincide with the first investment conference of Caspian International Investment Company (CIIC), scheduled for 13 June. The company was founded with participation of ICD and Azerbaijani Investment Company (AIC) on 29 November 2007.
Khaled Abudi, Director General of the Islamic Conference, will attend the conference. The delegation will unite approximately 30 investors from the Persian gulf countries. The key task is to attract the investments from Arabian courtiers.
It is expected that $70mln will be attracted from the investors of the Persian gulf. CIIC's projects will cover the commercial real estate, logistic and infrastructure
About $70mln will be invested into the Caspian International Investment Company within two years. Initially, the capital will be formed at $3mln or $4mln rate.
Initially, the share of Islamic Corporation in Caspian International Investment Company comprises 75% and it will cut by 10% within two years as a result of attraction of other investors from the Middle East and Persian gulf. AIC's share is 25%.
On 12 June, the official currency rate is 0,8184 AZN/USD.
The correspondent can be contacted at: [email protected]