OREANDA-NEWS. August 25, 2008. Azerbaijan Investment Company (AIC) needs to increase the capitalization.

AIC Chief Executive Anar Akhundov informed Fineko/abc.az that the Company has assimilated its own capital almost fully.

“If even not to take into account some of the signed protocol of intentions, AIC undertook the whole capital. That makes necessary for the company to be recapitalized at the expense of the state or investments,” A.Akhundov noted.

Earlier it was expected that this year the Company has enough capital to fulfill liabilities on projects existing and upcoming. It was planning to discuss the capital growth with the government only in 2009. Recapitalization was planned to be held only due to the state budget. Existing AIC capital (AZN 90 million) was paid in 2006 by SOFAZ.

AIC investments allowed to realize projects at the total amount of AZN 600 million.