OREANDA-NEWS. November 23, 2007. The Azerbaijan Investment Company (AIC) Supervisory Board had a session in Baku on November 20.

AIC reported that the Supervisory Board took decisions on two investment projects.

In accordance with one of them AIC endorsed a project on a joint investment company between AIC and Islamic Corporation for Development (ICD) of Private Sector.

AIC is to subscribe for 25% of shares of the JV and will direct $14 million for these ends.

The JV will not finance projects not answering to Islamic principles, except banking and insurance. Joint company’s primary capital stock should be increased up to $70 million for two years.

Under the second decision, AIC will buy 25% of shares in Deveci Broyler poultry factory for AZN 12 million.

Investments in Deveci Broyler will be made in two directions: in Deveci Broyler joint venture between AIC and Turkey’s Havuz Tavuk and upgrade of available equipment facilities and purchase of new ones for the factory