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Caspian International Investment Company Starts Active Talks with Persian Gulf Investors

Business Materials 19 August 2008 15:34 (UTC +04:00)

Azerbaijan, Baku, 19 August / Trend corr. I.Khalilova / Caspian International Investment Company (CIIC), was established by the Azerbaijan Investment Company (AIC) and Islamic Corporation for Development (ICD) on 29 November 2007 has refused to hold "road-show" in the Persian Gulf countries. Togrul Kocharli, Executive Director of CIIC, said that potential investors in CIIC had been specified as the result of the investment conference in Baku in June.

According to Kocharli, at present, the active talks have been held and the real investors, interested in financing of the project in Azerbaijan, are expected to be defined until the end of September. Some $70mln is planning to attract from investors. Kocharli did not rule out that the funds would be allocated soon.

CIIC is prepared to hold 'dotty' talks to attract investments from companies from the Persian Gulf countries -Saudi Arabia, Bahrain and United Arab Emirates.

Under the strategy, investments will be spent into the real sector of economy excluding alcohol and pork producing companies, as well as bank and insurance organizations, which operate at standard financing conditions and insurance service.

The Caspian International Investment Company (CIIC) was established as a closed joint stock company with initial capital AZN 2.95mln. Azerbaijan Investment Company's share in the company is 25%. Company will be formed at the expenses of Azerbaijan Investment Company and Islamic Corporation for Development, as well as investors from the Middle East and Perian Gulf.

On 19 August, the official currency rate is 0,8151 AZN/USD.

The correspondent can be contacted at:[email protected]

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