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IFC & ADA-Ticaret Company to Sign Credit Agreement

Business Materials 12 February 2007 14:00 (UTC +04:00)

The International Finance Corporation (IFC) and ADA-Ticaret will sign an $18mln credit agreement in February 2007.

The IFC Baku office informed Trend that $6mln is allocated for a share hold in the company and $12mln for development. The IFC Board of Directors implemented the document on July 13th 2006.

The total budget of the ADA project, envisaging the establishment of a supermarket chain titled Almali' in Baku is approximately $50mln. The company is keen to establish 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 individuals, 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.

ADA plans to organize a sale of agriculture products in Azerbaijan and will maintain a range of high-quality products at competitive prices.

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