TODAY.AZ / Business

Azerbaijan Investment Company can participate in defense industry's development

26 April 2006 [08:20] - TODAY.AZ
The draft of the Regulations of the Azerbaijan Investment Company Open Joint-Stock Company (OJSC) will be presented to the Executive Office of the President soon.

The government is about to complete the work on the document. APA was informed about it by the financial and credit policy sector of the Cabinet of Ministers Ogtay Hagverdiyev.

According to Mr.Hagverdiyev, AZN 90m ($100m) will be allocated from the State Oil Fund for formation of the authorized capital of the Azerbaijan Investment Company (AIC). The amount of funds for AIC will be increased every year: "After approval of its Regulations, AIC will start negotiations with international financial institutions on funding of several investment projects. The priority fields to be funded by AIC will be the infrastructure, non-oil sector of the industry, machine-building complex, non-ferrous metallurgy, food and chemical industries." At the same time, AIC is not excluded to participate in rehabilitation and development of the defense industry.

It should be noted that according to the presidential decree dated March 30, the authorized capital of the Azerbaijan Investment Company, established for development of the non0oil sector and execution of the oil-gas strategy of the government, will be formed at the expense of funds of the State Oil Fund.

Those funds will be used to purchase share in authorized capitals of joint-stock companies (JSC) and other commercial organizations operating in the non-oil sector and as fixed-period investments for purchasing of stocks of those JSCs and commercial organizations.

The Ministry of Economic Development is charged to keep and manage state-owned stocks of AIC and dividends to be obtained will enter the State Oil Fund. Pursuant to the decree issued by the President, the Minister of Economic Development Heydar Babayev was appointed to the position of the chair of the Supervisory Board of AIC.


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