Azerbaijan, Baku, 7 November / Trend corr. I.Khalilova / "The Azerbaijan Investment Company (AIC) Open Joint Stock Company (OJSC) has developed an investment package, which will enable to involve AZN 697mln in the Azerbaijani non-oil sector from local and foreign financial sources," Shahin Mustafayev, the Minister of Economic Development said during discussions of forecasts of the public budget for 2009-2012. The AIC's investments in these projects will make up about AZN 64mln.
"The AIC was established to balance economic development of the country and raise investments in non-oil sector of the country," the Minister said.
At present the AIC has spent AZN 55.2mln to finance five projects, which enabled to involve interior and foreign investment at more than AZN 600mln amount.
After financing of a new investment package, the company will exceed the bounds of capital, which has been formed at AZN 90mln amount since beginning of its activity. In 2009 it is planned to double the capital of the AIC and raise it to AZN 180mln again through means of the State Oil Fund of Azerbaijan.
Minimum amount of investment of the AIC can be realized at AZ 1mln amount. Maximum limit was fixed at 20% of the AIC capital or one project or the affiliated bodies. At present this limit amounts to AZN 18mln, whilst it will be changed in connection with rise of the AIC's capital.
The AIC was established at the President's decree, dated 30 March 2006.
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