The Board of the International Financial Corporation (IFC) is expected to approve a credit on the project on development of the network of supermarkets around Azerbaijan within a month. According to Aliya Azimova, an IFC representative to Azerbaijan, the consideration of the project was expected to take place even in this summer, but because of the reconsideration of the structure of the project, it did not take place. With expanding the trade network within the project, the volume of the credit can reach $15-17 m. According to Mrs. Azimova, the corporation will directly finance an Azerbaijani company, not through the banking sustem as it was prior to it.
The recipient of the credit is ADA-Azerbaijan Company. According to the preliminary business-plan, the project envisaged the establishment of the network of 50 retail food outlets along the roadways of Baku City. The cost of the project was $49 m., and its implementation was considered for 2006-2008.
ADA-Azerbaijan is established under the foundation of Britain`s ADA Investment Holdings Limited, four private persons, two of whom are Russian citizen. Twenty percent of the shares belong to Azerbaijani residents.