ADB ready to launch finance Garadagh upgrade

ADB ready to launch finance Garadagh upgrade
Published: 01 March 2010

Another bank is ready to join financing for the project of Garadagh Cement (GC) OJSC, a key cement producer in Azerbaijan and South Caucasus, on construction kiln line 6.

The Asian Development Bank reports that it has completed surveys of social, economic and environmental consequences of the project when preparing to endorse a loan for the project.

ADB is ready to grant the loan without governmental guarantees. This loan is going to become its largest facility on direct financing for business in Azerbaijan.

Earlier the European Bank for Reconstruction & Development (EBRD) disbursed a loan of EUR 120 million ($175m.) for the GC project.