Identifier
Created
Classification
Origin
07BAKU1440
2007-12-03 13:16:00
UNCLASSIFIED//FOR OFFICIAL USE ONLY
Embassy Baku
Cable title:
AZERBAIJAN INVESTMENT COMPANY LAUNCHES ISLAMIC JOINT
how-toVZCZCXRO2154 RR RUEHDBU RUEHLN RUEHVK RUEHYG DE RUEHKB #1440 3371316 ZNR UUUUU ZZH R 031316Z DEC 07 FM AMEMBASSY BAKU TO RUEHC/SECSTATE WASHDC 4371 INFO RUCNCIS/CIS COLLECTIVE RUEHAK/AMEMBASSY ANKARA 2490 RUCPDOC/DEPT OF COMMERCE WASHDC RUEATRS/DEPT OF TREASURY WASHDC RHEBAAA/DEPT OF ENERGY WASHDC RUEHBS/USEU BRUSSELS
UNCLAS BAKU 001440
SIPDIS
SIPDIS
SENSITIVE
DEPT FOR EUR/CARC
DEPT PASS TO TDA FOR STEIN, EXIM FOR GLAZER
ANKARA FOR FCS
COMMERCE FOR 4231 ITA/MAC/ORUE FOR DSTARKS
COMMERCE FOR 3004 ITA/FCS/ ADVOCACY FOR ACHAMS-EDDINE
E.O. 12958: N/A
TAGS: ECON EINV ETRD ENRG EFIN AJ
SUBJECT: AZERBAIJAN INVESTMENT COMPANY LAUNCHES ISLAMIC JOINT
VENTURE
SENSITIVE BUT UNCLASSIFIED - NOT FOR INTERNET DISTRIBUTION - PLEASE
HANDLE ACCORDINGLY
UNCLAS BAKU 001440
SIPDIS
SIPDIS
SENSITIVE
DEPT FOR EUR/CARC
DEPT PASS TO TDA FOR STEIN, EXIM FOR GLAZER
ANKARA FOR FCS
COMMERCE FOR 4231 ITA/MAC/ORUE FOR DSTARKS
COMMERCE FOR 3004 ITA/FCS/ ADVOCACY FOR ACHAMS-EDDINE
E.O. 12958: N/A
TAGS: ECON EINV ETRD ENRG EFIN AJ
SUBJECT: AZERBAIJAN INVESTMENT COMPANY LAUNCHES ISLAMIC JOINT
VENTURE
SENSITIVE BUT UNCLASSIFIED - NOT FOR INTERNET DISTRIBUTION - PLEASE
HANDLE ACCORDINGLY
1. (SBU): On November 29, the Azerbaijan Investment Company
established a joint investment company with the Islamic Corporation
for the Development of the Private Sector (ICDP). The new company,
"Caspian International Investment Company" (CIIC),will invest in
non-oil sector business development projects. CIIC will follow
Sharia (Islamic) banking principles and will not invest in companies
producing alcohol and pork products. CIIC will also not invest in
banks or insurance companies that offer conventional financing or
insurance services.
2. (SBU) CIIC's charter capital totals USD 5 million and will
increase up to USD 70 million in two years, according to the GOAJ.
CIIC's capital portfolio includes 10 percent from ICDP, 20 percent
from AIC and 70 percent from foreign and local investors. The
company plans to raise additional funds from investment companies of
Arab states and AIC plans to hold a road show in potential
donor-countries in the next two months.
3. (SBU) According to the GOAJ, ICDP and AIC decided to establish a
joint investment company on November 20, 2007 at a meeting of the
AIC Supervisory Board. The Board agreed to participate and invest
USD 14 million in the CIIC charter capital in two years by acquiring
25 percent of the joint venture's shares.
LU
SIPDIS
SIPDIS
SENSITIVE
DEPT FOR EUR/CARC
DEPT PASS TO TDA FOR STEIN, EXIM FOR GLAZER
ANKARA FOR FCS
COMMERCE FOR 4231 ITA/MAC/ORUE FOR DSTARKS
COMMERCE FOR 3004 ITA/FCS/ ADVOCACY FOR ACHAMS-EDDINE
E.O. 12958: N/A
TAGS: ECON EINV ETRD ENRG EFIN AJ
SUBJECT: AZERBAIJAN INVESTMENT COMPANY LAUNCHES ISLAMIC JOINT
VENTURE
SENSITIVE BUT UNCLASSIFIED - NOT FOR INTERNET DISTRIBUTION - PLEASE
HANDLE ACCORDINGLY
1. (SBU): On November 29, the Azerbaijan Investment Company
established a joint investment company with the Islamic Corporation
for the Development of the Private Sector (ICDP). The new company,
"Caspian International Investment Company" (CIIC),will invest in
non-oil sector business development projects. CIIC will follow
Sharia (Islamic) banking principles and will not invest in companies
producing alcohol and pork products. CIIC will also not invest in
banks or insurance companies that offer conventional financing or
insurance services.
2. (SBU) CIIC's charter capital totals USD 5 million and will
increase up to USD 70 million in two years, according to the GOAJ.
CIIC's capital portfolio includes 10 percent from ICDP, 20 percent
from AIC and 70 percent from foreign and local investors. The
company plans to raise additional funds from investment companies of
Arab states and AIC plans to hold a road show in potential
donor-countries in the next two months.
3. (SBU) According to the GOAJ, ICDP and AIC decided to establish a
joint investment company on November 20, 2007 at a meeting of the
AIC Supervisory Board. The Board agreed to participate and invest
USD 14 million in the CIIC charter capital in two years by acquiring
25 percent of the joint venture's shares.
LU