AIC, IDB to Discuss prospects of Establishment of Islamic Investment Fund in Baku

Business Materials 12 March 2007 13:25

Azerbaijan, Baku /corr Trend I.Khalilova / The Azerbaijan Investment Company (AIC) is waiting for a visit of experts of the Islamic Development Bank (IDB) to discuss the establishment of the Islamic Development Fund.

Anar Akhundov, the AIC Executive Director informed Trend that for the time they do not any proposal, whereas a business correspondence is carried out with the Ministry of Economic Development, the AIC and IDB.

The Fund will be established with the participation of the AIC, which is to hold a share not exceeding 10%. "As our stake is less, as there are more chances to attract the foreign investors to the management. Their funds will be directed at financing projects in the non-oil sector,' Akhundov stressed.

The initial capital the Investment Fund will vary from $90mln to $100mln. The Fund was initiated by IDB President, Ahmet Muhammad Ali during the investment conference held in Baku on 809 November 2006 with the participation of Arab institutions and investors

Since 1992 the IDB financed 26 projects in Baku with the total budget of $250mln.