ICD announced priority directions to finance projects in Azerbaijan

Business Materials 9 June 2009 22:55 (UTC +04:00)

Azerbaijan, Baku, June 9 / Trend , I.Khalilova /

There are real opportunities in Azerbaijan to enlarge activities of Caspian International Investment Company (CIIC), established by the Azerbaijan Investment Company (AIC) and Islamic Corporation for the Development of the Private Sector (İCD), said the Minister of Economic Development of Azerbaijan Shahin Mustafayev at a meeting with the İCD President Khalid Al Abudi in Ashgabat.

The Minister expressed his satisfaction with ongoing projects of the Corporation in Azerbaijan. He invited the Corporation to participate in financing within State projects on establishment of agro-farm, logistics centers, warehouses.

"The Corporation considers these projects with great interest, and along with them, İCD intends to participate in projects in the field of information technology, financial sector, including leasing and insurance," said Abudi.

Caspian International Investment Company was registered in March 2008 as CJSC with initial capital totaling AZN 2.95mln. AIC share is 25 percent and ICD - 75 percent.

However, as a result of bringing capital of CIIC to $70 million, the participation share of the investment company will comprise 20 percent, the Islamic Corporation - 10 percent, while the remaining shares will be purchased by investors from the Persian Gulf.

AIC will pay a total of $14 million to cover its share.

Official rate on June 9 is 0.8039 AZN/USD.

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