Entrepreneurship

Home page

Entrepreneurship

Head of EBRD visits Veyseloglu Group of Companies-PHOTO

The Head of EBRD visits Veyseloglu Group of Companies

13 September 2022 13:35 (UTC +04:00)

President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso held a meeting with Veyseloglu Group of Companies (VGC) during her visit to Baku. Ms Renaud-Basso, who’s touring the South Caucasus, had a discussion with the company’s top management, and also paid a visit to ‘Ulduz’ chocolate factory.

Veyseloglu Group of Companies has been supported by the EBRD since 2008. Thanks to this partnership, Veyseloglu Group of Companies secured funding to pursue several of its successful business projects. In particular, the Group improved and expanded its chocolate producing facility adding four new production lines in 2016. EBRD has also funded the expansion of the Group’s modern logistics facility which is considered one of the largest in the South Caucasus.

A member of Veyseloglu Group of Companies’ Supervisory Board, Natavan Ibrahimova, said: “We’ve had a meaningful and fruitful partnership with the EBRD over the years which we’re determined to maintain and even expand in years to come. We’re genuinely honoured that Ms Renaud-Basso came to visit us to talk about the Group’s recent achievements and future business aspirations”.

This is President Renaud-Basso’s first in-person visit to the region since assuming office in late 2020. Prior to her departure, Ms Renaud-Basso said: “I am very much looking forward to visiting the Caucasus, where the Bank has achieved some remarkable results during its 30 years of operation”.

Veyseloglu Group of Companies (VGC), founded in 1994, has established itself as one of Azerbaijan's leading FMCG groups with 12 various businesses, including two known retail chains in the country, and distributing over 4 thousand types of products. It has grown into a multi-faceted business encompassing various areas of the supply chain, from production, to distribution, to logistics, to direct interaction with customers through its retail chains. With over 19,300 staff members across Azerbaijan and neighbouring Georgia, VGC genuinely believes in generating value for all the stake-holders, including the communities it operates in. In 2022 Veyseloglu Group of Companies won Deloitte’s Best Managed Companies business award in Azerbaijan.