Kuwait-Azerbaijan investment company passes official registration
Azerbaijan, Baku, July 1 / Trend , I.Khalilova/
The Azerbaijani Taxes Ministry registered the closed joint stock company (CJSC) Kuwaiti-Azerbaijani Investment Company (KAIC), founded by the Azerbaijani Investment Company (AIC) OJSC and subsidiary of Kuwait Finance House - Turcapital on a "single window" principle, the ministry said on July 1.
Under the agreement, the AIC's share is 25 percent and 75 percent will belong to Turcapita HOLDİNG (Bahrain).
KAIC was registered with primary capital worth 410,000 manat.
The capital will be gradually reached to $20 million which will be distributed between the shareholders in line with their shares within two years.
KAIC will raise foreign investments and finance project of domestic entrepreneurs.
The joint venture of AIC and KFH is formed in line with the memorandum, signed in May 2007. Joint investment projects will be implemented through it in Azerbaijan.
Islamic organizations are always interested in projects in agriculture, infrastructure, logistics and transportation. Therefore, it is planned to work with the Kuwait Finance House in these directions. Initially, the Kuwait House has already been submitted projects in commercial real estate and forming refrigerator stores for consideration.
The AIC intends to partake in the projects as a minority shareholder and fixed assets will come to Azerbaijan from a foreign investor.
On July 1, the official exchange rate is 0.8042 manat to $1.