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Azerbaijan Investment Company raises foreign investments of $450M

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Date: 12 January 2016 19:17

Baku, Azerbaijan, Jan. 12

By Anvar Mammadov – Trend:

Azerbaijan Investment Company has until today participated in the projects the total cost of which exceeds $1.1 billion, said Azerbaijan’s Economy and Industry Ministry.

The projects have been implemented in production of building materials, shipbuilding, and production and processing of agricultural products, logistics and others, said the ministry in a message Jan. 12.

“About $450 million of foreign direct investments were allocated for the realization of these projects. Experience and advanced technologies of Switzerland, Germany, Singapore, Turkey and other countries were used within the framework of the projects,” read the message.

The Azerbaijan Investment Company (AIC) was established by a decree of the President of Azerbaijan Ilham Aliyev on March 30, 2006 to finance the non-oil sector.

The AIC authorized capital stands at 160 million manats.

The main objective of the company is to make long-term investments in individual joint-stock companies and other non-oil sector commercial organizations through purchase of shares in them.

The company’s work covers the areas of ICT, agriculture, alternative and renewable energy, food processing, industry, logistics, tourism, processing, and others.

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