About 30-storey car park to appear in Baku

The Black Sea Trade and Development Bank (BSTDB) and the AGA Group signed a loan agreement on May 29 to refinance the Demirchi business centre construction project in Baku.
Under the agreement, BSTDB will provide $22 million to the AGA Group for seven years with deferred payments of the principal loan in two years.

"We are ready to support construction projects in such a rapidly developing city like Baku and are interested in cooperation in the non-oil sector of Azerbaijan," vice-president of BSTDB Mustafa Boran said during the signing of the loan agreement.

The project envisages the construction of a 25-storey business centre with a 29,800 square metre area, 18,800 square metres of which will be leased. It is also planned to build a 30-storey car park for 240 cars.

"Rent per square meter in the business centre will cost 20-25 manat, which will include costs for utilities such as water and electricity," head of the AGA Group Aydin Demirchi said.

The completion of the construction is scheduled for December 2012 - January 2013 and commissioning is expected in February - March 2013.

The AGA Group Corp. was founded in 1996. The company's headquarters is in Boston, Massachusetts, USA. It operates in the field of system engineering and the priority is to develop information technology systems for optimal control and operation of complex systems of equipment and facilities.


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