Azerbaijan Investment Company to invest for 20% equity stake in Milk-Pro LLC

The AIC Deputy Chief Executive Officer Riad Gasimov told that the total amount of the equity investment project is $11mln, of which the rest will be provided by the European Bank for Reconstruction and Development.

The project is also aimed at expanding the capacity of Goychay Milk Factory and constructing a milk plant in Hovsan, APA reports.

The AIC and Milk-Pro LLC signed a memorandum of understanding in December 14, 2006.

The 100%-state-owned Azerbaijan Investment Company was established in March, 2006. Its authorized capital is AZN 90mln.