Azerbaijan, Baku, 1 September / Trend corr. I.Khalilova / "The plans to create a fruit Azeri Fruit Co corporation in Azerbaijan is postponed to a month and half a month in order to solve organization issues in the Azerbaijani Export and Investment Promoting Company (AZPROMO)," Emil Aliyev, Director of AZPROMO Export Promoting Department, said.
AZPROMO is charge of the Azeri Fruit Co and partner in the trilateral memorandum to create a fruit corporation. A trilateral memorandum to create Azeri Fruit Co was signed between juice producers SAF and Garnet (enters into MilkPro company), Azerbaijani Investment Company (AIC) and AZPROMO on 1 July. Under the document, AIC was charged of to finance the project attracting additional funds from international financial institutes including strategic and portfolio investors. The International Financial Corporation (IFC) has already demonstrated a will to participate in the fruit corporation.
At present, the talks are being held with foreign banks.
"Totally, most companies are interested in the project. We have no problems with financing. The first is that to solve organization issues," Aliyev said.
Project's cost depends on the stock number, which will be transferred to juice producers in Azeri Fruit Co.
SAF and Garnet will be corporation's main shareholders, however it is not ruled out that the number of shareholders will be increased in the future. AIC's share will not exceed 25%.
Corporation will represent local juice producers at foreign markets, as well as will assist to bring the production rate to international standards, to export under one brand. Creation of the corporation is aimed to unite juice and vegetable producers.
On 1 September, the official currency rate is 0,814 AZN/USD.
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