The EBRD suspended the acquisition of a stake in the equity of Garadagh Cement and the head of the EBRD local office in Azerbaijan Raymond Conway informed Azer-Press that the activity related to investment in Garadagh Cement to keep it going and expanding would be taken up again after the dispute between Garadagh Cement and the Azeri Government was over.
The EBRD is disposed to co-operate with Garadagh Cement and has declared its share-taking plans therefore. It was planned to look into this business at the EBRD Board of Directors on 11 July but the bank put it on hold infinitely then, hoping that the proposed co-operation can be talked about again once the dispute between Garadagh Cement and the Government is resolved.
The EBRD was willing to buy 20 per cent of the equity of Garadagh Cement for US$10m from Holcim. The annual turnover of Garadagh Cement now exceeds US$80m from sales of approximately 1.4Mt of cemen. The company plans to take the annual output up to 2Mta.