Azernews.Az

The Black Sea Trade and Development Bank (BSTDB) and the U.S.-based AGA Group signed a loan agreement on Tuesday to finance the project on building a business center in the Azerbaijani capital Baku.

Under the agreement, BSTDB will provide $22 million to the AGA Group for seven years with deferred payments of the principal loan in two years.

``We are ready to support construction projects in such a rapidly developing city like Baku and are interested in cooperation in the non-oil sector of Azerbaijan,`` BSTDB Vice President Mustafa Boran said at the signing.

The project envisages the construction of the 25-story Demirchi business center near the Khatai subway station. The facility covers an area of 29,800 square meters, 18,800 square meters of which will be leased. It is also planned to build a 30-story parking lot for 240 cars.

``Rent per square meter in the business center will cost 20-25 manats (up to $32), which will include utilities such as water and electricity,`` head of the AGA Group Aydin Demirchi said.

Commissioning of the facility is expected in February-March 2013.

The AGA Group Corp. was founded in 1996. The company, which is headquartered in Boston, operates in the field of system engineering and the priority is to develop information technology systems for optimal control and operation of complex systems of equipment and facilities.

20 percent of office buildings in Baku are owned by AGA Group. The Caspian Plaza became the first building built by the company in 1998. In the period from 2000-2010, the company commissioned more than 45,000 square meters, including the Silkway Business Centre, the Old Caspian Business Centre and the AGA Centre.