Azerbaijan, Baku / Trend corr I. Khalilova / Azerbaijan Investment Company JSC (AIC) signed a Memorandum of Understanding with the Islamic Corporation for Development of Private Sector (ICD, an organization established by Islamic Development Bank - IDB), according to AIC.
The document provides joint investments in the non-oil field of Azerbaijani economy, joint research in different economic fields, joint assessment of projects and financial analysis, exchange of information on prospective projects and potential investors, expansion of investor networks, etc. Additionally the establishment of a joint investment company is possible.
The establishment of such a financial institute was initiated by the President of IDB, Ahmad Mohammad Ali, within the framework of the investment conference attended by Arabic institutes and investors held in Baku on 8-9 November 2006. The investment company will be established with the participation of AIC, the share of which will not exceed 10%.
The initial capital of the investment company was agreed to make up $90-100mln, but the head of IAC, Anar Akhundov, considers $10mln to be efficient to begin with.
Since 1992 IDB has financed 26 projects to the sum of $250mln in Azerbaijan.