AIC and BSTDB to Conclude an Official Agreement on Co-financing
Azerbaijan Investment Company (AIC) JSC is about to sign an agreement with the Black Sea Trade and Development Bank (BSTDF) in January, 2007. Anar Akhundov, the Executive Director of AIC, told Trend that an agreement on joint co-financing projects had been reached with BSTDB.
It is for the first time when such a co-financing scheme is applied with the joint participation of EBRD in the project. Their joint participation is envisaged in projects with Milk Pro and Garadagh Cement. EBRD is a stockholder in the both companies, and AIC is about to buy the package of shares at about 20-25%.
AIC was founded by the order of Azerbaijani President Ilham Aliyev on March 30, 2006. The authorized capital of the Company reaches 90 mln. AZN. The maximal limit of AIC participation is fixed at the rate of 20% out of its capital to be put to one project or an organization affiliated by AIC. Presently, the limit is 18 mln. AZN, but that will vary depending on the increase in AIC capital.
Up to 35% (31,5 mln. AZN) may be invested to any field from the capital of the Investment Company. At the same time, an exception can be made on this item by a special decision of the Observatory Council. Depending on the condition of the significance and importance of projects proposed, the limit may be extended.