BAKU, Azerbaijan, January 27. Investments in projects of the Azerbaijan Investment Company (AIC) from 2020 through 2024 reached 292 million manat ($171.76 million), a source in the country's Ministry of Economy told Trend.
According to the source, the mentioned period was marked by the company's high activity aimed at transforming key sectors of the economy and implementing projects that contribute to sustainable development.
Over the past five years, the total cost of projects in which funds were invested reached 1.7 billion manat ($1 billion).
"Additionally, direct foreign investments totaling 476 million manat (280 million) have been attracted. It is especially noteworthy to highlight the ratio of the funds attracted: for every one manat (59 cents) invested by the AIC, 6.5 manat ($3.8) has been raised from international and local investors, as well as financial institutions.
Within the framework of direct foreign investments, this ratio amounted to 1.62 manat (95 cents) for every one manat invested by AIC. This multiplier effect confirms the high efficiency of the company as an investment partner," said the source.
The attracted investments have been directed toward the implementation of 23 projects, including the construction of 19 new production facilities, the source explained.
"These initiatives will not only strengthen the country’s production capacity but will also create about 2,300 jobs over the next few years. AIC participates in projects that are competitive and add value, particularly those focused on export and import substitution.
Currently, thanks to AIC, there is active production of strategic products in the food and pharmaceutical industries, as well as in building materials and clothing, which is an important indicator of providing the economy, businesses, and the population with essential goods," added the source.
AIC was established in March 2006. All shares of AIC belong to the Government of Azerbaijan, and the company's authorized capital is 224 million manat ($131 million).
The main economic goal of AIC is to make capital investments in Azerbaijan's non-oil sector.