Azerbaijan, Baku, August 20 / Trend , I.Khalilova /
Caspian International Investment Company (CIIC), established by the Azerbaijan Investment Company (AIC) and Islamic Corporation for the Development of Private Sector (İCD), began to finance the first project to build a refrigeration warehouse complex costing 5.5 million manat, a source at the Ministry of Economic Development of Azerbaijan said on August 20.
"The complex is located in Samukh region and the agreement on investing the shares in this company was signed in June," the same source told.
The design capacity of refrigerating storage facility is 25,000 tons.
On August 21, within the conference on "State support to entrepreneurship" in Ganja, participants will get familiarized with the process of reconstruction of the complex [the work is conducted on the basis of already existing storage, which is scheduled to take place in accordance with modern standards.]
The conference, which is for the first time held in such a composition, is expected to be attended by the representatives of the National Fund for Entrepreneurship Development, AIC, CIIC, Baku Stock Exchange. The event will be attended by entrepreneurs from Ganja-Gazakh economic zone, specialized in logistics, agriculture, infrastructure, etc.
Caspian International Investment Company was registered in March 2008 as a closed joint stock company with initial capital of 2.954 million manats. The participation share of AIC was 25 percent and ICD - 75 percent.
AIC will provide $14 million to pay its share.
According to the strategy, CIIC investments will be directed towards real economy, except production of alcoholic beverages and pork products, which is contrary to the principles of Shariah, as well as banking and insurance institutions operating in the standard conditions of funding and provision of insurance services. According to the CIIC, currently work is continuing on projects.
Official rate on August 20 is 0.804 AZN/USD.
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