Azerbaijan, Baku, August 21 / 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), is ready to increase its share in the first project to build a freezing warehouse complex costing 5.5 million manat in Samukh region by late September, CIIC CEO Togrul Kocharli said on Aug.21.
The agreement on investing the shares between CIIC and N.A.A. Agrotara limited liability company was signed in June.
"Initially, we purchased 16 shares in the company, investing 1.9 million manat, but we will, increase the share up to 36 percent, while total investment up to 5.5 million manat by late September," Kocharli said.
On Aug. 21, CIIC inspected work on the construction of storage facilities with a capacity of 25,000 tons. The construction of the complex is completed fully and necessary equipment was installed. N.A.A Agrotara invested over 10 million manat in the construction and additional investments of CIIC are intended for the purchase of equipment for packaging and sorting of fruits and vegetables, Kocharli said.
At present, some farmers and enterprises from Ganja and surrounding areas are using cold stores of N.A.A Agrotara to store their fruit and vegetable production," Kocharli added.
N.A.A Agrotara built the complex on the basis of existing storage facilities investing in its reconstruction and installation of new equipment enabling to increase the storage period of products in refrigerated warehouses.
On August 21, within the conference on "State support to entrepreneurship" in Ganja, participants got familiarized with the reconstruction of the complex.
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 21 is 0.804 AZN/USD.
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