Co-financing opportunities

In Azerbaijan, institutional mechanisms exist for financial support of entrepreneurs operating in non-oil sectors:

Azerbaijan Investment Company (AIC)

Azerbaijan Investment Company is a state-owned equity investment fund established in 2006 toserve the sole purpose of supporting development of the non-oil economy of Azerbaijan.  AIC was set up to complement diversification of the national economy via termed equity injections into greenfield and brownfield projects along with local and foreign investors.

AIC provides termedequity investments by acquiring minorityshares in companies operating in the non-oil sectors, by that, actively contributing to the companies' growth and success. To date, a total value of the projects AIC has been involved in exceeds USD1.1billion.

AIC is committed to a rigorous, objective, and transparent investment evaluation and approval process.AIC's investment resolutions are based on the project's commercial viability as measured by, among other criteria:

-          evidence of a compelling market opportunity;

-          credibility of the company's business plan;

-          experience and accomplishments of the company to be partner in a project.

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The National Fund for Entrepreneurship Support (NFES)

The National Fund for Entrepreneurship Support was established by the government. The objective of the Fund is to support the development of entrepreneurship in non-oil sectors, especially small and medium sized entrepreneurship in Azerbaijan, to increase the working capacity of the population and the provision of financial support.

The fund provides concessionary credits (up to 7% annually) to entrepreneurs in all regions of Azerbaijan (the loan portfolio was over 1.2 billion USD in 2013). The main sectors that have been invested in and developed by the fund are the production and processing of agricultural and industrial products, tourism, services and infrastructural development.

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Caspian International Investment Company (CIIC)

Caspian International Investment Company was founded jointly by the Islamic Corporation for the Development of the Private Sector (ICD) and the Azerbaijan Investment Company (AIC) - state investment fund.

CIIC's main goal is to serve as an investment vehicle for Middle Eastern and other international investors interested in implementation of business projects in Azerbaijan. CIIC makes equity investments in new and existing projects jointly with international businesses under Shariah principles. CIIC's investments are concentrated on developing of non-oil sectors of Azerbaijani economy.

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