New funds have been established at IDB for more serious support to different spheres. These are Alternative Energy sources and Food and agriculture business funds.
Head of Department of Co-operation in Eastern Europe and the CIS of the Islamic Corporation for the Development of the Private Sector (ICD) Murad Yadniyev told APA that these funds will be engaged in financing of the some spheres, not traditional ones: ‘I think that it will be interesting for Azerbaijan. These funds will finance the projects in the CIS countries, Turkey and other Islamic countries’.
Capital of the alternative energy fun makes $50 mln, capital of food and agriculture business - $600 mln: ‘If Azerbaijan will show interest, it can join the funds. Because, there is a state company in Azerbaijan, which is engaged in this matter. If this company enters fund’s capital, a very interesting cooperation would occur. I know that in the coming 10 years, Azerbaijan intends to invest $6 bln in this sphere and it is interesting to us’.
ICD representative said that the organization wants Azerbaijan to enter the Food and agriculture fund. To him, SOFAZ may be one of the Fund’s partners in Azerbaijan: ‘SOFAZ is not related to this sphere directly but it can invest money here’.
The abovementioned funds can single out capital in the projects connected with these spheres, be a shareholder here and involve money from other organizations. Note that, in Alternative energy fund Kazakhstan will have 16% share, IDB – 15-20%. Source of $45 mln of this fund has already been determined. But the process has not been started at the agrarian fund.