Initial capital of Azerbaijani-Kazakh investment fund to reach $300 million

The Azerbaijan-Kazakhstan Investment Fund will begin operations in the near future.

Report informs that the activities of the joint fund were discussed during a meeting between the Ambassador of Kazakhstan to Azerbaijan Alim Bayel and the General Director of the Azerbaijan Investment Holding (AIH) Ruslan Alikhanov.

The meeting focused on prospects for expanding investment cooperation between the two countries, the Kazakhstan Embassy in Azerbaijan said in a message, adding that, in particular, the parties exchanged views on the implementation of the Agreement on Strategic Partnership between Samruk-Kazyna JSC and AIH, signed during the state visit of the President of Kazakhstan Kassym-Jomart Tokayev to Azerbaijan on March 11-12.

The parties also highly appreciated the joint projects being implemented, which are of great geo-economic importance for the two countries and the region as a whole.

"Particular attention was paid to the joint development of the Trans-Caspian international transport route, the transit of Kazakh energy resources through the territory of Azerbaijan, the laying of a fiber-optic communication line along the bottom of the Caspian Sea, as well as the agreements reached on the laying of a deep-sea electric cable along the bottom of the Caspian Sea," the information says.

Regarding the creation of a joint investment fund, the diplomat noted that this would be a significant step in deepening bilateral economic cooperation and would allow the interests of the two countries to be promoted in a coordinated manner in the region.

"The Kazakh-Azerbaijani fund being created will open up additional opportunities for the implementation of the most interesting investment projects in various sectors of the economy both in the territory of the two states and in third countries. The fund will be registered on the basis of the Astana International Financial Center and will begin to function in the near future. Its initial amount will be $300 million," he noted.

In this regard, new initiatives were also discussed, in the implementation of which the joint investment fund will participate.

The Azerbaijan Investment Holding was created by the Decree of the President of Azerbaijan dated August 7, 2020 for the purpose of managing state-owned companies and enterprises, as well as business entities with a state share, on the basis of common principles. The holding is financed from the state budget.

Today, AIH manages 11 enterprises, such as SOCAR, ADY, AZAL, ASCO, AzerGold, etc.