The European Bank for Reconstruction and Development (EBRD) is providing US$ 9 million of financing to Veysaloglu Group, one of the leading chocolate manufacturers and food distributors in Azerbaijan, to support the company’s expansion and development strategy. The group’s chocolate brand, “Ulduz”, is among the best known in Azerbaijan.
The EBRD financing will enable Veysaloglu Group to increase production capacity and expand its current product range with three new confectionery manufacturing lines. This will make it possible for the company to meet the significant increase in product demand from domestic and foreign consumers.
Veysaloglu Group consists of two companies: a distribution company that handles a wide range of food and soft drink products with one of the most advanced distribution systems in the country, and a confectionery production company focused on quality manufacturing.
“Supporting the development of the private sector and manufacturing is a priority for the EBRD in Azerbaijan. We are pleased to continue our cooperation with Veysaloglu Group and to assist the company in its drive to expand, improve quality, create jobs and become more competitive,” said Neil McKain, EBRD Head of Office in Baku.
At the signing ceremony today during the EBRD Annual Meeting in Warsaw, Veysaloglu’s Ilgar Nuriyev expressed great satisfaction regarding its cooperation with the Bank: “The EBRD has supported our expansion projects since 2008 and in that time the company has more than doubled its operations and revenue. We are grateful to the Bank and especially the Baku office team for working with us to create these opportunities, and we look forward to working on new projects together in the future.”
The EBRD has been active in Azerbaijan since the country’s independence. To date the Bank has invested in 146 projects with over US$ 2.5 billion across various sectors of the Azeri economy. One of the EBRD’s priorities in Azerbaijan is to support the growth of the non-oil private sector by investing in dynamic small and medium-sized enterprises.