ECONOMY
MINISTER OF ECONOMIC DEVELOPMENT MEETS ICD DIRECTOR GENERAL
Azerbaijan`s Minister of Economic Development Heydar Babayev met with Director General of the Islamic Corporation for the Development of the Private Sector (ICD) Khalid Al-Abudi to discuss prospects of cooperation between the Structure and Azerbaijan.
Speaking at the meeting, Babayev underlined that Azerbaijan attaches high significance to cooperation with the international financial structures. So, supported by the International financing structures many projects in various fields of economy are being realized in Azerbaijan.
Establishment of “Caspian International Investment Company” by ICD and Azerbaijan Investment Company in 2007 is an example to the international economic cooperation.
Charter capital of the Company, created to attract foreign investors in country`s non-oil sector, totals US $70 mln.
Ministry of the Economic Development and ICD has 25% and 75% shares in the company.
In his turn, Mr. Abudi informed about ICD activity in Azerbaijan.
He noted that up to date, the Organization granted US $17 mln to the Azerbaijan`s banks.
Expressing his satisfaction with cooperation with Azerbaijan, Mr. Abudi expressed hope for further expansion of ties on the sideline of Caspian International Investment Company.
The ICD will also finance projects in the fields of transport, tourism and construction in Azerbaijan. Along with foreign investors, ICD Director General also called local entrepreneurs to take part in realization of the projects under the “Caspian International Investment Company”.
The sides also agreed to hold ICD Council of Directors` regular meeting in Baku.