AIC Signed Agreements on 2 Financing Projects

Business Materials 28 December 2006 19:02 (UTC +04:00)

Azerbaijan Investment Company (AIC) JSC has submitted a report about its activity in 2006 to the Observatory Council. Anar Akhundov, the Executive Director of AIC, told Trend that the Council received three projects which were under final stage of the appraisal. The Observatory Council should approve the Investment Company's involvement in the projects.

According to Mr. Akhundov, the Company has already signed agreements on two projects (on financing the construction of a new dairy factory in Goychay, and on the construction of a new cement plant together with Lafarge of France.

As to another project, which envisages the participation of AIC in a new project of Garadagh Cement on the reconstruction of the cement plan, an agreement is expected to be signed in the beginning of 2007. Mr. Akhundov said that the Company was holding last consultations with EBRD, which is one of the stockholders of Garadagh Cement.

The agreements prove the intention of AIC to take part in financing projects, and that is just the first stage. The second stage envisages making an investment decision and signing an agreement. However, the Investment Company should be provided with audit reports and the results of the appraisal.

According to Mr. Akhundov, no other decision is expected to be taken till the end of 2006.

As to the other projects being appraised, the agreement might be concluded in the next year.