Azerbaijan, Baku, Sept. 11 / Trend A. Akhundov /
The European Bank for Reconstruction and Development (EBRD) has signed a €4.6 million loan agreement with Gedebey Mineral Sulari, one of the leading bottled water producers in Azerbaijan, EBRD said today.
"Established in 2010 as a privately owned company, Gedebey produces premium local water under the brands Slavyanka and Gedebey," the bank said. "The funds will be used to purchase new equipment to increase the company's production capacity, in order to respond to fast-growing product demand and to strengthen its distribution."
EBRD has provided financing for the company to conduct market research and strategic analysis, as well as consulting on legal and marketing issues.
"After receiving a government loan from the Azerbaijan State Entrepreneurship Fund, we were able to commence production," Gedebey's CEO, Ilham Aliyev said. "The EBRD Loan will be applied for the second phase of our strategy to increase local penetration of premium bottled water and grow our exports abroad."
"This investment demonstrates our commitment to invest in the regions of Azerbaijan and support local businesses," Head of the EBRD's Resident Office in Azerbaijan Neil McKain said.
To date, the EBRD has signed 134 investments worth more than €1.5 billion in various sectors of the Azerbaijani economy.
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