The EBRD is promoting further diversification of the Azeri economy through the largest foreign direct investment in Azerbaijan outside the oil and gas sector to date.
The Bank is providing a Ä120m loan to Garadagh Cement, the leading cement producer in Azerbaijan, to support the company’s drive to improve energy efficiency and expand production.
The proceeds of the EBRD loan will finance the shift from wet-process technology to a of state-of-the-art, dry-process line. This will increase the company’s cement production from 1.3Mta to 1.7Mta and reduce the overall energy consumption. The project is set to help Garadagh Cement reduce its CO2 emissions by almost 10 per cent.
“By investing in a modern, state-of-the-art dry kiln line, Holcim is showing its commitment to support the long term development of the Azerbaijani economy. Garadagh Cement will increase its clinker production capacity by 40 per cent starting with 2011, and will continue to provide the construction sector with high quality products”, said Horia Adrian, general director of Garadagh Cement.