CIIC ready to increase maximum limit per project up to 8mln manat
Azerbaijan, Baku, Aug.17 Trend I.Khalilova /
Caspian International Investment Company (CIIC), established by the Azerbaijan Investment Company (AIC) and Islamic Corporation for Private Sector Development (ICD), is ready to provide up to 7.8 million manat to fund a project, CIIC Executive Director Togrul Kocharli told Trend.
"To date, the company invested on average about 4-5 million manat in each funded project," Kocharli said.
At present, undeveloped part of the CIIC funds amounts to 17.6 million manat. The company's shareholders invested 31 million in its capital, from which 13.4mln manat was allocated to fund three projects. About 5.5 million manat was invested in the first draft, 6.4 million manat - in the second, and 1.5 million manat - the third.
According to the strategy, CIIC investments will be directed towards real economy, except production of alcoholic beverages and pork products, which is contrary to the principles of Shariah, as well as banking and insurance institutions operating in the standard conditions of funding and provision of insurance services.
The CIIC was registered in March 2008 as a closed joint stock company with an initial capital of 2.954 million manat. The company was established by the Azerbaijan Investment Company and the Islamic Cooperation for the Development of the Private Sector.
To date, a list of the company's shareholders expanded. The Kuwait Investment Company Hares Group, an investment company Yemeni Al Ahmar Group, Sudanese MAM Group, Dubai TANMIYAT Group, as well as the Islamic Development Bank are among the company's foreign shareholders. The share of foreign shareholders in the CIIC capital exceeds 23 million manat.
The official exchange rate is 0.8038 manat to $1 Aug. 17.
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