EBRD may decide on additional investments in Garadagh Cement plant in a view of investment environment in Azerbaijan, Trend reports quoting Raymond Convey, head of EBRDs Baku office.
В"At this stage participation in the plant capital is anticipated. However, if the decision is made for issuing more credits, Garadagh Cement shall apply for financing. Amount of credit will depend on the plant executives decision, as nobody but them may will apply for required financingВ", - Convey said.
The session of EBRDs Board of Directors to discuss purchasing 20% stock in Garadagh Cement at $10 is held July 11.
EBRD is suggests purchasing some shares from Holcim of Switzerland that privatized Garadagh Cement in 1999. Swiss company possesses 89.4% stock in the plant. EBRD is going to join shareholders on a medium-term basis, about 5 to 7 years. Up to 2010 the plant shall achieve compliance to European environmental standards that requires its reconstruction and related investments in amount $100 to 110mln.
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