News digest

AZERBAIJAN SIGNS CE CONVENTION

Azeri foreign minister Vilayat Guliyev signed the European Convention on Extradition in Strasbourg, France, Wednesday. The signing was witnessed by Council of Europe Secretary General Walter Schwimmer, the CE said in a faxed statement.

The convention provides for extradition of persons wanted for criminal prosecution or sentence. The document, however, doesn't apply to political or military offences and any state can refuse to extradite its own citizens to a foreign country. Extradition may also be refused if the person risks being sentenced to death penalty under the law of a requesting state.

The convention is in force in all but three CE member states, Azerbaijan, Armenia and San-Marino. It is also effective in Israel.

AUSTRIAN PRESIDENT EXPECTED ON VISIT

Austrian President is scheduled to pay an official visit to Azerbaijan in early 2002. During the visit, the parties will focus on the prospects of bilateral political, economic and cultural cooperation, as well as joint economic projects. According to a diplomatic source, the exact date for the visit is being ascertained through diplomatic channels and work is underway over draft agreements to be signed.

FIRST INVESTMENT FAIR DUE IN BAKU

Baku's first investment fair to bolster national entrepreneurship and fund business projects is due at the Hyatt Regency hotel on November 28. The organizers of the fair are the National Confederation of Entrepreneurial Organizations of Azerbaijan, the Ministry of Economic Development, the Entrepreneurship Assistance Foundation, commercial Industrial and Technical Bank and Ilkbank.

A source from the Confederation said Wednesday that the fair is aimed at creating conditions to win loans and investments for entrepreneurs in Azerbaijan. The key precondition for them is the availability of an investment project totaling $30,000 and at least one year of activities.

15 commercial banks and the International Bank of Azerbaijan are expected to process investment projects and assess loan opportunities. Successful projects will be financed by these banks.