IFC Defines Its Participation Share in Azerbaijan Company
In the beginning of 2007 the International Finance Corporation (IFC) plans to sign $18mln credit agreement with ADA-Ticaret Joint Stock Company.
Aliya Azimova, IFC Representative in Azerbaijan, said that $6mln of the sum is assigned for participation in the company capital and $12mln for the development. The IFC Board of Directors adopted the document on July 13 2006.
The total budget of ADA project, envisaging the establishment of supermarket network in Baku is approximately $50mln. The company is keen on establishing of 50 super markets in the country by the end of 2007.
ADA with 80% of capital that belongs to the Austrian company A & DA Holding GmBH, was founded by three private persons, including one Russian citizen.
Ms Azimova said that the rest 20% of the company stock has been distributed among the Azerbaijan management of the company. She said that IFC share, to be sold at $6mln, is still to be defined.
ADA plans to organize a sale of agriculture products in Azerbaijan and will continue a range of high-quality products at available prices.