OREANDA-NEWS. September 19, 2008. Recapitalization of state-owned Azerbaijan Investment Company (AIC) JSC is planned for 2009.

AIC Supervisory Board Chairman, Minister of Economic Development Heydar Babayev said AIC charter capital would be increased two fold in 2009 - up to AZN 180 million.

“The President of Azerbaijan uttered an opinion on strengthening the AIC activity. We have prepared proposals to increase the capital two fold, up to AZN 180 million in 2009. The proposals are to be discussed with the government as the increase will be implemented at the state expense,” he stated.

AIC was established according to the presidential decree of March 30, 2006. Its charter capital makes up AZN 90 million. At present AIC implements several projects, investments in which will reach AZN 55 million. AIC’s partners invest in these projects AZN 600 million. Besides, the company already has projects, which so far have not been confirmed by Supervisory Board, but their financing will allow to distribute AIC charter capital by 2009.