Terms of consideration of the issue of shareholding of the Bank in OJSC Garadagh Cement have been extended according to EBRD spokesman Raymond Conway in Baku. "The Board of Directors will consider this project by 11 July. This project has very important role in development of cement industry, however prospects of this project should be studied thoroughly. That’s why we’ve decided to continue considering preliminarily studies on the project till the beginning of July", - the EBRD official in Baku said.
EBRD has offered to acquire 20 per cent in the capital of the largest producer of cement in Azerbaijan for $10m as part of a loan deal with Holcim, Garadagh’s majority owner.