The Asian Development Bank (ADB), that approved a EUR20m loan to help Garadagh Cement in Azerbaijan to expand output and improve fuel efficiency, still cannot carry out financing.
The Baku-based ADB representative office informs that signing of the loan agreement and physical allocation of finances depend on Azerbaijani government.
“This financing can be conducted only after the government makes an official notification of lack of any objections for this operation,” the ADB office said.
The loan marks ADB’s first ever private-sector infrastructure investment in Azerbaijan.
The loan will help Garadagh Cement raise its cement production capacity by around 30% to 1.7Mta.