Azerbaijan Investment Company Prepares to Sign Memorandum of Understanding with BSTDB
Azerbaijan, Baku /corr. Trend I.Khalilova / The Azerbaijani Investment Company JSC is preparing to sign a Memorandum of Understanding with the Black Sea Trade and Development Bank (BSTDB), said the AIC Executive Director, Anar Akhundov.
BSTDB expressed its wish to participate in financing Azerbaijani projects. Work is already underway on projects in the sphere of agriculture, transport and logistics. The bank has not defined frames for financing. There will be no problems in attracting the bank's finances as medium-sized project are selected.
The AIC was established by Presidential decree on 30 March 2006 with an authorized capital of AZN 90 mln. Maximum participation share of the AIC in one project has been defined at 25% from its capital. Currently the limit amounts to AZN 18 mln.
Currently the AIC has approved its participation in the project of the new Milk Pro plant (20% for AZN 4.684 mln), Sangachal-Garadagh Oil and Gas Terminal company (25% for $9 mln) and the Azerbaijan Salt production unit (25% for $2.9 mln). The first project has to be financed.