Azerbaijan, Baku, Feb. 28 / Trend , N.Ismayilova/
Under the Azerbaijani President's decree in February, Economic Development Minister Shahin Mustafayev was appointed the chairman of the Azerbaijan Investment Company's (AIC) Supervisory Board, the company said.
In this respect, changes were injected into the president's decree dated March 30, 2006 on "Additional measures to promote investment activity".
On March 30 in 2006, the Azerbaijani President decreed to form the AIC to promote investments to develop non-oil sector, upgrade material and technological base of enterprises in this field. The AIC's authorized capital amounts to 90 million manats which is formed by funds of the State Oil Fund. The AIC has approved investment participation at 55.1 million manats in 5 projects.
According to the result of the first auditing in line with international standards as part of the contract with Ernst & Young company to render auditor services, the AIC's assets made up 93.412 million manats in 2007 compared to 89.776 million manats in 2006. The company's joint stock increased from 89.741 million manats to 93.058 million manats through undistributed income worth 3.058 million manats in 2007 compared to loss at 259,000 manats in 2006.
On Feb. 28, the official exchange rate is 0.8052 manat to $1.
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