Azerbaijan Investment Company Released First Investment Dollars

Business Materials 10 March 2007 11:40 (UTC +04:00)

Azerbaijan, Baku / Trend , corr I. Khalilova / The Azerbaijan Investment Company (AIC) is to strike the first investment bargain in March. Anar Akhundov, the Chief Executive of the AIC, informed 9 March that the investments will be used for the construction of a new milk plant in Hovsan.

The estimation of the project has been completed. As the parties to the Memorandum on Intentions were the AIC, the EBRD [European Bank for Reconstruction and Development] and the diary products producer in the country Milk-Pro, a trilateral joint-stock agreement will be signed among them.

The AIC has a 20% share in the project, with $5mln-worth investments. The project is estimated in $11mln.

"The project members are considering the AIC's leaving the project. The AIC is to leave the project approximately in 5-6 years. The consideration of the issue will be completed in the beginning of the next week," Akhundov said. The Supervisory Council of the AIC will make the final decision by the end of March.

The AIC will be the party to Milk-Pro on the new stock emission.