The Executive Director of Azerbaijan Investment Company, Anar Akhundov, informed Trend that the decision of the members of the Islamic Development Bank on confirming the creation of the Islamic Investment Fund in Azerbaijan is expected to be made in the middle of January.
According to him, the Fund will be created with the participation of Azerbaijan Investment Company. Its share will not exceed 10%.
According to Akhundov, the initial capital of the Investment Fund will amount to $90-100 mln.
The details of creating the fund will be defined within January and it is not excluded that the Azerbaijan projects will be financed in 2007.
The initiative of creating such financial institution was made by the President of the Islamic Development Bank, Ahmed Muhammad Ali within the investment conference on November 8-9, 2006 in Baku, with the participation of Arabic institutions.
Since 1992, Islamic Development Bank has financed 26 projects in Azerbaijan in amount of $2502 mln.