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Azerbaijan Investment Company opened

14 November 2006 15:08 (UTC +04:00)

Azerbaijan Investment Company OJSC and Azerbaijan Export and Investment Promotion Foundation (AzPromo) concluded a memorandum on cooperation within the opening ceremony of the Company.
AIC Observation Council chairman, Economic Development Minister Heydar Babayev said the company will mostly make investment in the non-oil sector.
â€œNon-oil sector of Azerbaijan is hungry for foreign investment of over $10-50m. The authorized capital of the company will rise to AZN 300-500 in future,â€? he said.
Deputy Chairman of the Observation Council Shahmar Movsumov said that AZN 90m was earmarked for the formation of the authorized capital of the Company on account of the SOFAZ and AZN 80m has already been paid.
AIC Executive Director Anar Akhundov said the Company wonâ€™t finance oil-related projects and will seek to attract foreign and domestic investment to the economy.
The AIC will make investment below 20% of its aggregate capital (AZN 18m).
The investment portion in every sphere of the economy wonâ€™t surpass 35% of its aggregate capital (AZN 31.5m). /APA/