“AZERBAIJAN INVESTMENT HOLDING” WAS SET UP
In accordance with the Decree of the President of the Republic of Azerbaijan "On ensuring the activities of the Azerbaijan Investment Holding" dated November 5, 2020, a number of state-owned companies and enterprises, as well as business entities with a share of state capital, were transferred to the management of the Azerbaijan Investment Holding (hereinafter AIH).
According to the Decree, the AIH is financed from the state budget, 20% of the annual net profit of enterprises transferred to its management, as well as from other sources not prohibited by law. The funds necessary for its provision and organization will be provided for in the state budget projects for the next years.
The enterprises to be managed by the AIH are as follows:
1. State Oil Company of the Republic of Azerbaijan
2. "Azerbaijan Airlines" Closed Joint-Stock Company
3. “Azerbaijan Railways” Closed Joint-Stock Company
4. “Azerbaijan Caspian Shipping” Closed Joint-Stock Company
5. “Baku Metro” Closed Joint-Stock Company
6. “AzerGold” Closed Joint-Stock Company
7. “Azerenergy” Open Joint Stock Company
8. “Azersu” Open Joint Stock Company
9. “Azerishig” Open Joint Stock Company
10. “Azerbaijan Amelioration and Water Resources” Open Joint-Stock Company
11. “Azercosmos” Open Joint Stock Company
12. “International Bank of Azerbaijan” Open Joint Stock Company
13. “Azer-Turk Bank” Open Joint Stock Company
14. “Azeristiliktechizat” (“Azəristiliktəchizat”) Open Joint Stock Company
15. “Clean City” Open Joint Stock Company
16. “Baku International Sea Trade Port” Closed Joint-Stock Company
17. “Aztelekom” Limited Liability Company
18. “Azerbaijan International Telecom” (AzInTelecom) Limited Liability Company
19. “Azerpocht” Limited Liability Company
20. “Baku Telephone Communication” Limited Liability Company
21. State Insurance Commercial Company of the Republic of Azerbaijan.
The creation of the AIH is associated with the need to deepen structural reforms in order to improve the management system of state-owned enterprises, increase the efficiency and transparency of their activities, as well as their complete rehabilitation by optimizing costs and risks.
It should be noted that the creation of a public legal entity of the AIH is based on the Decree of the President of the Republic of Azerbaijan dated August 7, 2020. AIH is managed by the Supervisory Board and the Board of Directors. Unless otherwise provided by the President of the Republic of Azerbaijan, in accordance with the Civil Code of the Republic of Azerbaijan, state institutions transferred to the jurisdiction of the AIH must resolve issues that are within the exclusive competence of the highest governing body, in agreement with the President. The powers of the founders of the AIH are exercised by the President of the Republic of Azerbaijan and the AIH.
Source Link: “Decree of the President of the Republic of Azerbaijan on ensuring the activities of the Azerbaijan Investment Holding"
“List of enterprises transferred to the Azerbaijan Investment Holding"
“Decree of the President of the Republic of Azerbaijan on the establishment of the Azerbaijan Investment Holding"
