Finance

Finance

Agreement signed for Kuwait-Azerbaijan Investment Company

30 March 2009 10:01 (UTC +04:00)

Baku. Nijat Mustafayev - APA-Economics. Kuwait Finance House-owned Turkapital Holding and Azerbaijan Investment Company (AIC) have today signed a shareholder agreement to set up a joint investment company â€“ Kuwait-Azerbaijan Investment Company.
The agreement was signed by Azerbaijan Investment Company CEO Afgan Isyaev and Turkapital Board Director Fawaz Al-Issa.
Afgan Isyaev said Azerbaijan achieved a 15.7% surge in non-oil economy last year and the private sector grew to 85% of GDP.
In his words, the new company will be engaged with foreign investment attraction, promotion of local companies, financial consulting services and taking equity in projects related to real estate, infrastructure and other areas.
He said registration procedure will be completed by late April.
Fawaz Al-Issa said the new company will also seek participation in projects abroad through involvement of foreign and local investors.
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.