OREANDA-NEWS. August 21, 2009. Today, organized by the Azerbaijani  Ministry of Economic Development and the Azerbaijani Investment Company (AIC) conference State Support of Business took place in Ganja.

The  Ministry reported that 100 businessmen as well as representatives of the Caspian International Investment Company (CIIC), the Baku Stock Exchange (BSE) attended the conference.   After the conference the attendants got familiarized with  a storage, built on the agreement.  In accordance with the  agreement CIIC provided AZN 5.5 million for the  project. After reconstruction the storage will contain 25,000 tons of fruit and vegetables.

The Caspian International Investment Company (CIIC), the agreement on creation of which was signed by AIC and Islamic Corporation of Development (ICD) on November 29, 2007 in Baku, planned to start  its investments early 2009.

Earlier the State Committee for Securities under the President’s Office of Azerbaijan has reported of registration of the issue of 62,040 shares of CIIC with face value per share AZN 850.

Following the issue placement CIIC capital will reach AZN 52.724 million (around USD 66 million).

Following presentation of not large road show in Baku it was raised approx. USD 70 million from Arab countries.  All the Company’s finances are raised only in form of equity stakes in joint stock capital.

We back participation in CIIC within ratio of 20% (25% maximum).

CIIC was founded in March 2008, two years later after a relevant   agreement was signed at an investment conference of Islamic world in Baku in 2006, the agreement on establishment of joint organization, functioning in accordance with principles of Islam, the founders of which   Azerbaijan and Islamic Development Bank should have been. Thus, the Islamic Corporation for Development of Private Sector (ICD) and AIC became the founders of CIIC.

CIIC’s key activity direction is to raise foreign investments and their maximum size has been defined at the level of USD 10 million, but it can be increased if the Company’s Supervisory Board decides.

For the next two years CIIC charter capital will make USD 70 million versus original USD 3.4 million.

CIIC will operate not only in Azerbaijan but also outside the country setting two purposes – to provide investment flow into Azerbaijan and access for Azerbaijani companies to international market. Among the priority investment sectors for CIIC investments are agriculture, logistics, pharmaceutics, production of building materials, and sector of services.

The investment priority for the Company is non-oil sector, except financing of projects not answering to Islamic principles (production of strong drinks and pork), bank and insurance business.