Azeri Minister of Economic Development Announced Participation Share of EBRD in Milk-Pro

Business Materials 8 February 2007 17:17 (UTC +04:00)

The Azerbaijan Minister of Economic Development, Heydar Babayev, informed Trend that the European Bank for Reconstruction and Development (EBRD) voiced its wish to acquire 10-20% share of dairy factory of Milk-Pro in Azerbaijan. According to him, Azerbaijan Investment Company JSC will also participate in the capital of Milk-Pro.

The Minister considers that it is very interesting project and it is possible to assess it as support to the local investors and business people. Azerbaijan Investment Company and EBRD agreed to make a decision by the end of the first quarter of 2007 on construction of a new dairy processing plant in Baku and the reconstruction of the existing dairy factory of Milk-Pro in Goychay. . The project is estimated at $10,5 mln. According to the agreement, AIC share in the authorized capital of Milk-Pro will reach 20%. The concluding decision on putting investments to Milk-Pro is expected to be taken during the Observatory Council of AIC and Board of Directors of EBRD. According to the preliminary data, it will take place in the first quarter of 2007.