TODAY.AZ / Business

Samir Sharifov: "State Investment Company to give 5-7 year credits"

01 April 2006 [14:44] - TODAY.AZ
Azerbaijan Investment Company's founding capital will be formed by the State Oil Fund of Azerbaijan.

Azerbaijan is now doing all possible to boost the entrepreneurship and this has reflected in the president's decree, SOFAR executive director, Samir Sharifov told journalists, Trend reports.

Besides, no changes will be made into the privatization policy, as the work of the company will not contradict the current privatization program. Investments will have an urgent character. Sharifov does not exclude that government will have some share in the Company.

"Non-oil sector will receive priority in the investment. Different criteria will be used to choose the enterprises, especially their importance for the Azerbaijani economy and their profitability. Commercial principles will be taken as a base," Sharifov said.

Although, he did not consider as necessary to invest into trade sector, as only long term projects would be given priority. To bring them to life businessmen will need additional means, which will be provided by the company.

Credits will be provided for 5 to 7 years term. The major aim of government is to give an impetus to the entrepreneurship development; however, it doesn't mean that all private companies should become property of the state. Stocks will be produced to attract additional finances. The company will work independently and will also be involved in co-financing, he said.

The investment's minimal limit will be defined by the Observation Council, SOFAR head added.


Print version

Views: 1822

Connect with us. Get latest news and updates.

Recommend news to friend

  • Your name:
  • Your e-mail:
  • Friend's name:
  • Friend's e-mail: