Azerbaijani ADA Group to enhance cooperation with BSTDB
Azerbaijan, Baku, June 3 / Trend /
Management of Azerbaijani ADA Group will hold bilateral meetings with the leadership of the Black Sea Trade and Development Bank (BSTDB) and discuss further cooperation as a part of the events dedicated 10th anniversary of the bank to take place in the Greek city of Saloniki on 14 June, ADA Group said in a statement.
ADA Group will be represented by a delegation headed by the Chairman of the Board of Directors Sergey Ivashkevich.
Given the prospects of the project on development of Almali trade chain (ADA Group brand), the bank has provided loans worth $9 million for its development. Currently, the contract the parties signed on mortgage of property under a loan was presented to relevant authorities of Krasnodar Territory of Russia for registration. Property on the Black Sea coast of Russia owned by the ADA Group shareholders serves as security for the loan. The property is estimated at $10 million by Baker & Tilly. This transaction is the first in the history of BSTDB that assets located outside the core activities of the borrower serves as security for the loan.
Within five months of 2009, which has been declared the Year of "quality of business", a group of companies has successfully completed five projects. Recent interest by financial institutions to retail trade creates more opportunities for ADA Group.
The meeting of the Board of Directors of ADA Group held on 21 May decided to draw in extra 6 million dollars in second half of the year from a shareholder group of the International Finance Corporation. These funds will be directed solely to the replacement of expensive loans of local banks and will increase the profitability of the business.