EBRD Invests Three Azerbaijani Private Enterprises in 2006
Azerbaijan, Baku / Trend corr I. Khalilova / The European Bank for Reconstruction and Development (EBRD) directly financed three Azerbaijani private enterprises in 2006. According to the annual report of the EBRD, the financing covered Aqua Vita, Milk PRO and Garadagh Cement enterprises.
Azerbaijani mineral water producing Aqua Vita received €3.4mln credit from the Bank.
The funds invested to Garadagh Cement were directed to the joint stock. EBRD invested €7.6mln to the cement producing plant, with a total value of the project being €10.4mln.
In 2006, EBRD invested only €0.8mln to improve the quality and production potential of the Azerbaijani milk producing Milk-Pro, whilst the total value of the project was €2.1mln. Some €0.7mln was allotted as a credit and €0.1mln as joint stock.
EBRD is a shareholder of Milk-Pro. For this reason the Bank takes part in the increase of the capital of the plant. However, since 2007additional investments will be allotted to the milk-producing plant, as well as to the Azerbaijani Investment Company any, which has recently become a shareholder of Milk-Pro.