Azerbaijan, Baku, August 13/ Trend , I.Khalilova /
By the end of 2009, the authorized capital of Caspian International Investment Company (CIIC), established by the Azerbaijan Investment Company (AIC) and Islamic Corporation for the Development of the Private Sector (ICD), is expected to be increased up to $70 million, said the executive director of CIIC Togrul Kocharli.
"The capital at this level is planned to be formed due to the participation of investors from the Persian Gulf," said Kocharli.
Of the announced $70 million amount of the capital of the investment company, today payments were made in half, and, in June the general director of İCD Khalid Al Abudi said that by the end of the summer, it is planned to complete the payments. However, this process delays due to the impact of world financial and economic crisis on the plans of investors worldwide.
Some 25 percent in the capital of CIIC falls on local investment, while 75 percent will be formed due to foreign investments from the Persian Gulf. In the future, the company plans to attract investments depending on the needs.
According to the general director of İCD, at this stage, about 35 percent of funds in the CIIC falls on the Kuwaiti investment company Hares Group. Investments in the CIIC were also made by Yemen Al Ahmar Group Investment Company, Sudanese MAM Group, Dubai TANMIYAT Group and others. About 15 percent of investment in the CIIC was put by the Islamic Development Bank.
Caspian International Investment Company was registered in March 2008 as CJSC with initial capital totaling AZN 2.95mln. AIC share is 25%.The company will be formed at the expenses not only from AIC and ICD, but also from the investors of Middle East and Persian Gulf.
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