Caspian International Investment Company May Begin Investing in Non-Oil Sector of Azerbaijan in Autumn
Azerbaijan, Baku, 14 June /corr. Trend I.Khalilova / Possibly the first project of the Caspian International Investment Company (CIIC), which was established by Azerbaijan Investment Company (AIC) and Islamic Corporation for Development in private sector (ICD, a part of the Islamic Development Bank), will be approved no earlier than autumn, CIIC Executive Director, Togrul Kocharli, said on 13 June.
The investment decisions on the projects will be made at the CIIC Supervisory Board, which is envisaged to be formed. The projects being considered by the CIIC deal with commercial real estate (office and building), tourism, logistics and infrastructure. During the conference, the investors from the countries of Persian Gulf got familiarized with the sphere where they can invest.
According to Azerbaijan's Minister of Economic Development, Chairman of AIC Supervisory Board, Heydar Babayev, investing $12mln over the next two years, CIIC may attract investments totaling $70mln. Considering great interest in the joint projects, this ratio will increase in the future.
As per the strategy, the investments will be implemented into the real sector of economy excluding enterprises that manufacture alcohol drinks and pork products.
Caspian International Investment Company was registered in March 2008 as CJSC with initial capital totaling AZN 2.95mln. 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.
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