In February 2007 the International Finance Corporation (IFC) plans to sign with ADA-Ticaret an agreement on the allotment of $18mln.
Aliya Azimova, an IFC representative in Azerbaijan, said that presently the development of legal documents is underway. Some $6mln of the sum is assigned to participation in company capital and $12mln for development. The IFC Board of Directors adopted the document on July 13 2006.
The project was adopted at the IFC Board of Directors on 13 July 2006.
The total budget of ADA project, envisaging the establishment of a supermarket network in Baku is approximately $50mln. The company is keen on establishing of 50 supermarkets 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 remaining 20% of the company stock has been distributed among the Azerbaijani 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 maintain a range of high-quality products at competitive prices.