Feasibility Study of Project on Islamic Investment Fund Ready
Azerbaijan, Baku / corr. Trend I.Khalilova / Mikayil Jabbarov, the Deputy Minister for Economic Development, reported on 7 April that the Islamic Development Bank (IDB) informed the Azerbaijani Ministry of Economic Development that the feasibility study of the project on establishment of the Islamic Investment Company in Azerbaijan had been completed.
"We will receive the document soon and the discussions with the bank on establishment of the investment company will begin," Jabbarov said.
The Islamic Investment Company (IIC) will acquire a stake in the development of the Azerbaijani companies.
"The IIC might leave the project later and sell its stock," Jabbarov noted.
The establishment of the Islamic Investment Fund was initiated by the president of IDB, Ali Muhammad, within the framework of the international investment conference held in Baku on 7-9 November, 2006 with the participation of the Arabic institutes.
The Azerbaijani Investment Company will is expected to participate in the IIC with initial statutory capital of $90mln.