Azerbaijan Investment Company to Present Three Projects to Approval of Supervisory Council

Business Materials 28 December 2006 13:08 (UTC +04:00)

This week, the management of Azerbaijan Investment Company (AIC) will hold a briefing for the Supervisory Council (SP) of the Company to present the projects in which it will participate. The Azerbaijani Minister of Economic Development, Chairman of the SC, Heydar Babayev, exclusively informed Trend that the Company intends to participate in three concrete projects.

It is very good beginning. The projects expected to be attended by the Company include acquiring the shares in Garadagh Cement, Milk PRO and project of constructing a cement plant with the French producer Lafarge. A ffeasibility study has been held over these projects and they have been approved by the consultants. Taking into consideration that the Investment Company works in favor of Azerbaijan by following the strategic positions, the Company will not keep these shares, and will sell them with benefits, the Minister said.

According to the order of the Azerbaijani President dated 30 March 2006, Azerbaijan Investment Company has been created to support the development of the non-oil sector of the country. The authorized capital of the Company has been formed in amount of AZN 90 mln.