OREANDA-NEWS. January 29, 2007. Azerbaijan Investment Company (AIC) and Black Sea Trade & Development Bank (BSTDB) have signed the Memorandum of Understanding on Co-operation.

AIC reported that the document was signed by AIC executive director and BSTDB president Hayrettin Kaplan with participation of AIC Supervisory Board chairman and minister of economic development Heydar Babayev.

“The Memo says of joint investments in non-oil sector of Azerbaijan, joint research of different industries of economy, estimate of projects, exchange of information about potential investors and projects, expansion of investor network,” it was reported.

The Memo also covers training courses and other educational programs for AIC staff by the BSTDB representatives and joint technical assistance to commercial organizations operating in Azerbaijan.

BSTDB has been operating in Azerbaijan since 2002. Its charter capital is $1.5 bn.