OREANDA-NEWS. May 7, 2008. Caspian International Investment Company (CIIC), the agreement on creation of which was signed by Azerbaijan Investment Company (AIC) and Islamic Corporation of Development (ICD) on November 29, 2007 in Baku, is finishing solution of organization issues for beginning of its activity.

AIC executive director Anar Akhundov said that the ICD working group is visiting Baku at the moment.

“The group of shareholders in CIIC from ICD is visiting Baku currently. They are conducting technical work, in particular opening of the office, hiring employees and other work,” Akhundov said.

CIIC has already started considering the first projects in Azerbaijan.

“Today the working group is meeting in Baku with entrepreneurs to cover the suggestions on the occasion of fresh projects,” he emphasized.

Currently choice of the CIIC manager is under way.

“We have candidature for the position of CIIC director that is under consideration now,” Akhundov said.

CIIC has already passed state registration in Azerbaijan.

Under the CIIC Plan, the key direction of its activity will be raising of foreign investments in the course of road show in the Persian Gulf countries. It is expected to raise at least \\$70 million within road show.

Potentially the Company can consider some projects in agriculture, 2 ones on commercial real estate, and projects goal-oriented regionally. CIIC will not have minimum size of investments and maximum size has been defined at the level of \\$10 million, but it can be increased if the Company’s Supervisory Board decides.

Unlike AIC that cannot acquire more than 25% of the stake in a project, CIIC will be able to finance projects entirely.

For the next two years CIIC charter capital will make \\$70 million versus original \\$3.4 million. AIC stake in the Company will reach \\$14 million (up to 25%).

CIIC is to draw investment companies from the region of the Persian Gulf and Middle East. It will operate not only in Azerbaijan but also outside the country setting two purposes – to provide investment flow into Azerbaijan and access for Azerbaijani companies to international market. Among the priority investment sectors for CIIC investments are agriculture, logistics, pharmaceutics, production of building materials, and sector of services.

The Company will have a possibility to invest in non-oil businesses running traditional financing, excepting financing of projects not answering to Islamic principles (production of strong drinks and pork), bank and insurance business.