Azerbaijan, Baku, Dec. 4 / Trend A. Akhundov /
The Azerbaijani Economic Development Ministry is ready for the capitalization of the Azerbaijan Investment Company (AIC) and the Caspian International Investment Company (CIIC), head of AIC Supervisory Board, Azerbaijani Minister of Economic Development Shahin Mustafayev told Trend today.
"If the CIIC board of directors decides to finance new projects and it will be necessary to raise capital," he said. "We will be ready for this. Regarding AIC, as soon as the need arises, we appeal to the government with a proposal to raise capital. This appeal can be considered."
AIC was founded upon the President's order on March 30, 2006. The Azerbaijani Economic Development Ministry is the only founder of the company.
The AIC authorized capital, formed to the amount of 90 million manat while creating the company, was increased to 160 million manat in early 2010.
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 (with its share of 25 percent) and the Islamic Cooperation for the Development of the Private Sector (75 percent).
At present, the list of the company's shareholders has expanded. The Kuwait Investment Company Hares Group, Yemeni Al Ahmar Group, Sudanese MAM Group, and 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.
According to the strategy, CIIC investments will be directed toward the real economy, except oil and gas production, the companies producing alcoholic beverages and pork products, which is contrary to the principles of Shariah, as well as banking and insurance companies operating in accordance with the standard conditions of funding and rendering insurance services.
The official exchange rate is 0,7845 AZN/USD on Dec. 4.