OREANDA-NEWS. July 14, 2009. Representatives of ADA Group and the International Finance Corporation (IFC) will discuss prospects of further cooperation on 16 July in Istanbul (Turkey).

The group reported that the meeting will take place in Istanbul with participation of the ADA leadership and the IFC representatives on South Europe and Central Asia. Results of the first six months of 2009, plans of further cooperation and strategic development will be under discussions in the meeting.

One of the main issues in the negotiations will be allocation of additional funds by IFC to expand activity of ADA Group.

“Being one of main investors of Almali project, IFC reserves development of the project in the centre of attention. Yazgan Musannif, a representative of the corporation, IFC is interested in further development of the project and will render comprehensive assistance,” the statement reported.

The agenda of the meeting will also include the issues, concerning role of Almali at Azerbaijani retail market and further development of the project.

ADA Group plans attract credit of IFC in the amount of \\$6 for credit repayment, received from Azerbaijani banks to expand activity of the group. The group also borrowed \\$9 million from the Black Sea Trade and Development Bank.

ADA was established in September 2005 to create a modern network of food supermarkets in Baku. Presently, 40 its supermarkets function in Baku and their number will reach 48 by 2010.

Stockholders of ADA Group are IFC, Russian shareholders with participation of Azerbaijan management. ADA-Tijarat (commercial operations), ADA-Nagliyat (transport), ADA-Mulkiyat (property management) entered the group. Neither of shareholders has control stock. In November 2006, the IFC Board of Directors made decision to allocate \\$18 million to develop the network of supermarkets.