BSTDB Supports the Construction of a Business Center in Baku

Press Release | 29-May-2012

The Black Sea Trade and Development Bank (BSTDB) has extended a USD 22 million loan to Demirchi Development LLC, member of AGA Group, Azerbaijan to support the construction of Demirchi Business Center in Baku. The maturity of the loan is seven years.

The project will address the current shortage of high-class office space in Baku. The 25-floor Demirchi Business Center will offer 18,800 m2 of office area and 240 parking lots. Over 25% of the supplies for the construction are sourced from BSTDB member countries, including Türkiye and Ukraine. The construction is due to be completed in 2013. 

 “The loan represents the largest financing provided by BSTDB in Azerbaijan so far. The construction of this modern office complex will improve business services in the fast growing capital city of Baku. The project will also contribute to job creation and will support the development of a strong company operating in the non-oil sector”, stated Mustafa Boran, BSTDB Vice-President Banking after the signing of the loan agreement. 

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Established in 1994, AGA Group consists of several private companies owned by Demirchi family with extensive experience in building and operating business centers. The Group owns about 20% of total rentable office space in Baku.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is SDR 3 billion (appx. EUR 3.5 billion). BSTDB is rated long-term “A” by Standard and Poor’s and “A3” by Moody’s.