AZERBAIJANI MINISTER OF ECONOMIC DEVELOPMENT MEETS HEAD OF ICD
Azerbaijani Minister of Economic Development Mr. Heydar Babayev met with Mr. Khalid al-Abudi, Director General of the Islamic Corporation for Development of the Private Sector (ICD), Ministry’s press service said.
Mr. Babayev underlined that Azerbaijan attaches high significance to cooperation with the international financial structures. Establishment of “Khazar International Investment Company” by ICD and Azerbaijan Investment Company in 2007 is an example of the international economic cooperation. Original capital of the Company, which had been created to attract foreign investors in country’s non-oil sector, is US $ 70 mln. Ministry of the Economic Development and ICD have 25% and 75% shares in the company.
Mr. Abudi informed about ICD activity in Azerbaijan. He noted that up to now, the Organization loaned US $ 17 mln to Azerbaijan. Mr. Abudi expressed his hope that the relations will be even greater on the sideline of Khazar International Investment Company. The ICD will also finance transport, tourism and construction areas in the country, said Director General.
The sides also agreed to hold ICD Council of Directors regular meeting in Baku.
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