Kazakhstan and Azerbaijan are planning to create a joint investment fund at the Astana International Financial Centre (AIFC), QazMonitor reports citing the press service of the Kazakh Embassy in Azerbaijan.
What happened: Ambassador to Azerbaijan Alim Bayel met with Ruslan Alikhanov, CEO of Azerbaijan Investment Holding, in Baku on April 19. The two discussed the strategic partnership between Samruk-Kazyna National Welfare Fund and Azerbaijan Investment Holding, which was signed on March 11-12.
Fund: The parties aim to implement projects across various sectors in both countries, as well as on the territory of third-party nations. The fund, with an initial capital of $300 million, will be headquartered at the Astana International Financial Centre.
Azerbaijan Investment Holding: Established in 2020, the organization oversees state-owned companies, enterprises, and business entities with state shares. Currently, the holding manages 11 enterprises, including SOCAR, ADY, AZAL, ASCO, AzerGold, among others.
AIFC: Established in 2018, the Astana International Financial Centre (AIFC) functions as a key financial hub for Central Asia, the Caucasus, the EAEU, Western China, Mongolia, the Middle East, and Europe. AIFC is home to over 2,600 registered companies, offering financial and professional services to 380 companies from 78 countries. To date, AIFC has attracted a total investment volume of $11 billion.