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Azerbaijan sets up a new investment company

16 March 2009 09:26 (UTC +04:00)

Baku. Nijat Mustafayev - APA-Economics. Presided by the Minister of Economic Development Shahin Mustafayev, the meeting of the Azerbaijan Investment Companyâ€™s (AIC) Supervisory Board approved the initiative to set up a joint invesmtnet company â€“ Kuwait-Azerbaijan Investment Company with the presence of Kuwait Finance House-owned Turkapital Holding.
Turkapital will take a 75% share, leaving 25% to the AIC. The initial capitalization will be $500 000 with an option of increase to $20 million within 2 years.
The newly-established company will attract foreign investment and make equity investment in local companies.
Another joint investment company, Caspian International Investment Company was jointly established by the AIC (20%) and the Islamic Corporation for the Development of the Private
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.