CIIC says to expand investments in Azerbaijan

Business Materials 17 September 2018 20:59 (UTC +04:00)

Baku, Azerbaijan, Sept. 17

By Anvar Mammadov - Trend:

Caspian International Investment Company (CIIC) will continue to expand investments in Azerbaijan, Azerbaijan Investment Company (AIC) told Trend on Sept. 17.

According to AIC, the matter mainly rests in agriculture projects.

"To date, CIIC has invested in a number of projects in agriculture, food industry, plastic production and other fields. Presently, the company has been proposed several new projects, most of which are projects in agriculture," AIC said.

The CIIC was established in 2008, and the AIC has a 24.1 percent share in the company. Other shareholders of the investment company include the Islamic Development Bank, Islamic Corporation for the Development of the Private Sector, Al Ahmar Group and AREF Investment Group.

According to its strategy, CIIC investments may be directed to 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.

Presently, the company's investment portfolio is about 31.5 million manats. Most of the investments (41 percent) are invested in real estate, 30 percent in agriculture, 26 percent in logistics, and 3 percent in industry.


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