Azerbaijan Investment Company JSC and Kuwait Finance House Begin Developing First Joint Project
Azerbaijan, Baku /corr. Trend I.Khalilova / Azerbaijan Investment Company JSC (AIC) began developing projects in co-operation with Kuwait Finance House, the AIC Executive Director, Anar Akhundov, said. "Work is carried out on the projects that have already been announced. In addition, we are interested in the export, infrastructure and real estate projects," Akhundov said.
The projects on real estate should be commercial and should envisage constructing reservoirs in the sphere of agriculture.
AIC intends to join the projects of minorant shareholders, but the main capital will flow to Azerbaijan from foreign investor. Therefore, it is intended to reflect experience of such management, knowledge on review and selection of projects and implementation of new projects in the universal mechanism.
The joint fund between AIC and KFH will be established on the basis of the Memorandum of Intentions signed in May. Joint investment projects will be carried out in Azerbaijan through the Memorandum.
According to the agreement, the AIC plans to acquire 25% and KFH 75% of the newly created organization. Conditions will be created for the development of a business climate and realization of more projects as a result of the implementation of the measures specified in the Memorandum.