EBRD to assist in work of state investment company - Jean Lemierre
Jean Lemierre, the President of the European Bank of Reconstruction and Development (EBRD), supports the initiative by Heydar Babayev, the Azerbaijani Minister of Economic Development, on rendering of assist in the further activities of the state investment company. At discussion we agreed on joint work in this regard. We will not invest in the Azerbaijani investment company, but work with it, Lemierre said to journalists, Trend reports.
The task of the company is to finance some projects envisaging support to entrepreneurship, particularly, allot funds to the enterprises dealing in non-oil sector and attracting foreign investors. The government intends to undertake a part of risks (around 30% or 40%) and impose the rest on strategic investors. Thus, risks will be distributed and enterprise will be provided with both local and foreign capital.
90m AZN is set in the budget of the State Oil Fund of Azerbaijan for forming of the statutory capital of the investment company.