Azerbaijan, Baku / corr I.Khalilova / The Azerbaijan Investment Company (AIC) and the Asian Development Bank (ADB) plan to signed on 6 August an Agreement on mutual understanding. Baku office of the ADB announced that the document stipulates joint investing in the non-oil sector of economy. The fields of financing have not been defined yet, because the projects will be considered following their submission to the Company.
AIC is going to sign a similar memorandum with the Black Sea Bank for Trade and Development (BSTD). The Bank confirmed its will of participating in financing the Azerbaijani projects. Relevant work is carried out with respect to projects in agriculture, transport and logistics, which can be financed through attracting the BSTD loan.
Similar agreements have been achieved with the European Bank for Reconstruction and Development (EBRD, as well as the Kuwait Finance House, which will establish an investment body by autumn 2007.
А AIC was established by the decree of Azerbaijani President Ilham Aliyev, dated 30 March 2006. The statutory capital of the company is AZN 90mln. Maximum limit for AIC's participation share is 25% of its capital in one project, or its affiliated body. At present this limit is AZN 18mln, whereas it will change in connection with the increase of AIC's capital.