Azerbaijan Investment Company to Prepare for External Debts
Azerbaijan, Baku / corr. Trend I.Khalilova / Azerbaijan Investment Company JSC intends to assess its portfolio in September to define the demands of attracting external funds to finance the projects. The Deputy Executive Director of AIC, Riad Gasimov, said that finances are not intended to be attracted from the State Oil Fund of Azerbaijan to increase the authorized capital of the Company. The initial authorized capital of the Company had been formed through the finances from the State Oil Fund in amount of AZN 90 mln.
Borrowing for AIC is possible through external crediting and issue of the Eurobonds. According to Gasimov, AIC has not begun negotiations to attract credits. The negotiations will begin at the end of 2007. In addition, measures will be taken to receive ratings from two international rating agencies Fitch Ratings ad Moody's Investors.
"Presence of the two ratings will provide an opportunity to issue Eurobonds until the end of 2009. The possible amount of the debts under Eurobonds has been defined at the level of $300 mln initially," Gasimov said.