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Azerbaijan Investment Company will soon complete use of available funds by yearend

Azerbaijan Investment Company will soon complete use of available funds by yearend

19 October 2009 16:47 (UTC +04:00)

Baku. Nijat Mustafayev - APA-ECONOMICS. Azerbaijan Investment Company (AIC) has already spent about 50% of available funds, said Afgan Isayev, the executive director of AIC.

According to him, AZN 42 million from AZN 90 million (authorized capital) has already been spent on a number of projects.

â€œWe will be able to fully use the remaining funds of AZN 48 million by early next year. If necessary, we will request the Government of Azerbaijan for additional finance,â€ he added.

AIC is a state-owned joint stock company established in March 2006 by Azerbaijan President Aliyev, with an initial capitalization of 90 million Azerbaijani manats. The main purpose of AIC is to make equity investment, promote local and foreign direct investment and portfolio co-financing, within the non-oil economic sectors of Azerbaijan.

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