International Finance Corporation Demonstrates an Interest in Project on Establishment of Refrigerator Storehouses in Azerbaijan

Business Materials 16 February 2008 13:40 (UTC +04:00)

Azerbaijan, Baku, 16 February /corr. Trend I.Khalilova / This year the Azerbaijani Investment Company JSC (AIC), in cooperation with ASNAF Industrial Company LLC, intends to begin the realization of the project on construction of a dried fruits storehouse and a refrigerator, said the AIC Deputy Executive Secretary, Riad Gasimov.

Today the only problem is the Asnaf-unsettled works on feasibility study for the project. After this, by the mid of the year, an operating company will be established for the construction and management of the enterprises. Maximum share of the AIC in the project comprises 25 %.

The storehouse and refrigerator will be constructed in Workers' Avenue of Baku. According to the initial variant of the feasibility study, the area of the storehouse will be 3,000 square meters. Due to absence of the closing variant of the feasibility study, the cost of the project has not been confirmed yet, but usually, depending on the equipment, the construction of the storehouses totals $100-400mln.

"We plan to purchase equipment from the foreign producers," Gasimov said.

According to him, international financial institutions, including Islamic companies, Caspian International Investment Company, International Finance Corporation, Kuwait Finance House, display large interest to the project.

"Logically the project is interesting for all and therefore, this year we will absolutely begin realization of the project," Gasimov said.

According to the estimates of the specialists, these refrigerators will be the most modern refrigerators. They will be efficient from the point of view of energy consumption.

The key users of the storehouses will be producers, exporters and importers. Next year the same storehouses will be constructed in the region of the country, but only for agricultural products.

The Azerbaijani Investment Company JSC (AIC) signed a Memorandum of Intention on cooperation in construction of a dried fruits storehouse and a refrigerator with Asnaf Industrial Company LLC on 29 June.

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