The Azerbaijan Ministry of Economic Development approves an intention by one more company on the construction of a cement plant in the country, Trend reports.
We are aware of interests of Azerbaijan construction company AKKORD in the establishment of an enterprise on cement production, taking into consideration the demand in this product, said Heydar Babayev, the Azerbaijan Minister for Economic Development on 8 February. The local production covers only 40% of domestic demand, while 60% is imported. We will support the project if the difference is reduced as a result of cement production by AKKORD. The company has not appealed the Ministry of Economic Development, because this is a local investor and any assistance can be rendered if necessary, the Minister said. It can be done through the National Fund for Entrepreneurship Support (NFES). However, there is an obstacle. Maximum amount of NFES assistance is 3mln manats, whereas ten million dollars are required for the construction of a big cement plant. The Minister ruled out any probability of foreign investor participation in the project.
We have not heard of it so far, but the participation of French cement manufacturer Lafarge is out of question, Minister Babayev said. AKKORD will more probably build the plant in Tovuz District.