AZERBAIJAN INVESTMENT COMPANY AND ISLAMIC DEVELOPMENT COOPERATION CREATE JOINT INVESTMENT COMPANY
Director of Azerbaijan Investment Company (AIC) Anar Akhundov and Executive Director of Islamic Development Cooperation (IDC) Khaled Al-Abudi signed an agreement Thursday in Baku to set up a joint investment company.
Speaking at the signing ceremony, Akhundov said the creation of the joint company will attract more foreign investors to Azerbaijan and boost the development of non-oil sector.
Al-Abudi said the chartered capital of the Islamic Development Cooperation is 5 million dollars, and it is engaged in rendering financial assistance to development of private sector in member countries of the Islamic Development Bank.
The joint investment company will be named the “Caspian International Investment Company”(CIIC), and its initial chartered capital will reach $70 million within two years.
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