July 1998

The Overseas Private Investment Corporation (OPIC) has signed a formal commitment for $30 million to support a new $46 million Caucasus Fund. The fund will provide equity capital to private sector projects in Armenia, Azerbaijan, and Georgia. The Caucasus Fund is jointly sponsored by Commonwealth Property Investors (CPI) and Junction Investors, Ltd. Both CPI, an affiliate of AEW International, and Junction are Boston-based investment advisory firms with activities in Georgia and Russia. The fund will open offices in each of the three countries to assure a steady flow of quality local opportunities and to provide careful management of the fund's portfolio.

Regional economic growth and diversification will be the fund's targets. Particular emphasis will be given to the agribusiness, real estate, transportation, and services sectors. The fund will also support infrastructure and development surrounding the Caspian oil pipeline project. For more information, contact Allison May Rosen of OPIC, at 202-336-8636.

This report is provided courtesy of the Business Information Service for the Newly Independent States (BISNIS)