Azerbaijan, Baku, 21 November / Trend corr. S.Babayeva/ On 27 January in 2009 Board of Directors of European Bank for Reconstruction and Development (EBRD) will issue additional finance to expand production capacity of the hugest cement producer in Azerbaijan - Garadagh Cement.
Amount of financing will be specified during a meeting in January, the EBRD Baku Office said.
Board of Directors of Holcim Grpup, key stockholder of Garadagh Cement, approved the project on updating plant worth €300mln in September of 2007. Holcim Group will undertake great part of investment for the project.
The project includes reconstruction of 80% of acting cement plant and installation a new stove at the enterprise. Garadagh Cement plans to update existing damp stoves and replace them with modern dry cement technology.
"It will be possible to raise production capacity at the enterprise to 1.7mln tons a year after installation of a new stove at the plant in 2011," earlier Horia Adrian, head of the company, said.
The Swiss Holcim privatized Garadagh Cement in 1999. Holcim holds 69.4% of Garadagh Cement stocks, European Bank for Reconstruction and Development - 10%, Azerbaijan Investment Company - 10% and the remaining 10.6% - small shareholders.
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