Azerbaijan-Kuwait investment company launched

The stock currently totals 500,000 manat, Azerbaijani Investment Company Executive Director Afgan Isayev said at the inauguration ceremony of KAIC.

At the ceremony, Kuwait Finance House subsidiary Turkapital Director Favvaz Al Issa said the authorized capital will be increased via funds of Azerbaijani and Kuwaiti shareholders and foreign investors.

KAIC will be registered by late April.

Before signing the agreement, Al Issa said the Kuwait side analyzed the Azerbaijani market. The company plans to implement projects in the most successful economic sectors.

He said the shareholders' first meeting will focus on projects in Azerbaijan.

KAIC will mainly invest in real estate, infrastructure, subsidiaries and industry.

AIC's share in the company is 25 percent and Turkcapital's - 75 percent.

The joint venture is being launched based on an agreement signed in May 2007.

/Trend Capital/