The Azerbaijan Economy Minister Shahin Mustafayev met with the CEO of the Islamic Corporation for Private Sector Development (ICD) Khaled Mohammed al Ebudi in Baku on May 31. He called the priorities of economic development, for which Azerbaijan needs foreign investment.
Among the priorities there is creation of enterprises in the non-oil sector of industrial parks and industrial districts, the financial support of the private sector, and the development of agriculture, according to the press service of the Ministry of Economy.
According to the Ministry, in 2008-2015 ICD allocated $ 130 million for implementation of 14 projects in Azerbaijan. The Corporation has provided credit lines to banks and private companies involved in the capital of several companies.
The meeting also discussed activities of Caspian International Investment Company (CIIC), the capital of which involves Azerbaijan Investment Company (24.1%) and ICD (18%). Currently new projects within the framework of CIIC are being considered.
According to the CIIC financial report for 2015, the operating income amounted to 960 thousand manats. Given the cost (725,000 manats) and administrative expenses (1.1 million AZN), CIIC losses for the year increased in comparison with the year 2014 by 60,000 manats and amounted to 893.4 thousand manats.
As a result of the devaluation of the manat CIIC earned more than 9.5 million manats. CIIC has a stake in four companies: Imara LLC (100%), A-Agro (68%), Tarla (100%) and Salat (68%).
ICD is part of a group of Islamic Development Bank. ------08D
Economics
-
Azerbaijani President Ilham Aliyev has signed a decree introducing amendments to the "Armed Forces of the Republic of Azerbaijan" law. The decree, issued on December 24, 2024, follows the implementation of changes under the law of November 7, 2024, and aims to ensure their practical application.
-
Silk Way Alat Free Economic Zone (SW AFEZCO) has entered a transformative stage in its development, signing a pivotal agreement with FF Construction for the design and construction of the Silk Way Cargo Village in the Alat Free Economic Zone (AFEZ). This ambitious project includes the planning, engineering, and building of three cornerstone facilities that will underpin the Cargo Village: an air traffic control center, a business aviation terminal, and a fire station.
-
BAKU, Dec 24 (Reuters) - Azerbaijan’s President Ilham Aliyev has issued a decree to boost the cargo handling capacity of the Baku International Sea Trade Port, allocating 20 million manats ($11.8 million) from the presidential reserve fund for the port's expansion project.
-
A meeting was held between the State Service for Antimonopoly Control and Consumer Market Supervision and entrepreneurs in the fuel sector, highlighting both current challenges and promising steps toward progress. Discussions, organized under the Ministry of Economy, focused on fuel quality issues, consumer rights protection, and compliance with established standards in a country where vehicle fuel has long been a contentious issue.
Leave a review