TODAY.AZ / Business

IFC, ADA Group ink agreements to finance Almali retail chain in Azerbaijan

16 February 2007 [17:04] - TODAY.AZ
IFC, the private sector arm of the World Bank Group, Friday signed agreements to provide financing to the ADA Group, which operates Almali, the first local food retail chain in Azerbaijan.

This will help the company provide consumers with the first modern and affordable grocery experience in Azerbaijan.

ADA Group Management Board Chairman Rafael Huseynov said IFC's $18mln investment, comprising a loan of $12mln and equity/quasi-equity of $6mln, is the largest IFC financing to the country's non-oil sector.

The investment will support the ADA Group as it opens at least 50 grocery stores throughout Baku over the next three years.

"Through this financing, IFC is supporting a domestic company in its efforts to bring more grocery options to local citizens across the income spectrum. The project will create over 2,000 jobs and develop linkages with local suppliers. This fits with IFC's strategy for Azerbaijan to create jobs while supporting market diversification and the country's efforts to promote stronger supply and distribution networks in an important part of the economy," said Shahbaaz Mavaddat, IFC's Regional Director for Southern Europe and Central Asia.

ADA Group operates 15 stores now. Almali food retail chain covers Sumgait and seven districts in Baku. APA

URL: http://www.today.az/news/business/36576.html

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