Azerbaijan, Baku, 15 February /corr. Trend I.Khalilova / In April, Azerbaijan Investment Company (AIC) and Islamic Corporation for Development (ICD) are preparing to hold a 'road show' in the countries of Persian Gulf, so as to attract the investments for the establishment of Caspian International Investment Company (CIIC), said the AIC Deputy Executive Director, Riad Gasimov. In general, visits will be made to the seven or eight countries, including United Arab Emirates, Bahrain, and Qatar.
"According to expectations of the Corporation, at least $70mln will be attracted from these countries, the amount may be more," Gasimov said, adding that it is a minimal amount that may be attracted.
All the legal issues for establishment of the CIIC will commence in February. The mission of the Islamic Corporation is expected to visit Baku at the beginning of March, to select more perspective projects for the financing. The CIIC will be launched in April, but Gasimov said that there are problems in realizing of the projects.
"Many of them do not have enough information and business plan, and therefore, the CIIC should prepare feasibility study and marketing researches for several projects," Gasimov said.
Projects with regards to agriculture, two projects on the commercial real estate are under consideration and several of them are oriented to the regions. According to Deputy Executive Director, the AIC intends to realize many of the projects in the regions.
Unlike AIC, CIIC will not impose minimal requirement to investment and has a strong system. Currently, the maximal amount has been determined at the level of $10mln., but according to the decision of the CIIC Supervisory Board, this amount may be increased.
The constituent agreement on establishment of the CIIC was signed on 29 November in Baku. The company was established with the primary authorized capital $3.4mln. The sum will reach about $70mln for the two years. AIC's holds 25 % ($14mln) of the share of the company.
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