A presentation press conference was held with participation of Azeri Economic Development Minister, Heydar Babayev, Holcim Group General Manager for CIS/Caspian states, Garret Bobbs, Garadagh Cement Marketing and Sales Director, Horia Adrian, EBRD Country Director or Caucasus, Moldova & Belarus, Mike Davey and head of EBRD Office in Baku, Aygen Yayikoglu.

Bank's investment will finance an environmental and efficiency upgrade of Garadagh Cement's existing facilities to reduce dust emissions to comply with EU environmental standards. Since Holcim acquired the formerly state-owned plant in 1999 production capacity has been increased more than six fold accompanied by substantial investments in environmental technology. As part of this commitment, Holcim intends to invest into Garadagh's wet kiln production process to reduce raw material and energy costs.

This is one of the largest non-oil investments in Azerbaijan and will substantially support the Government's programme for the diversification of the economy said Mike Davey.

The Transaction is subject to the approval of the relevant authorities of Azerbaijan.

To-date, the EBRD has signed 54 investments worth more than $900mln in Azerbaijan. The Bank is focused on the development of a strong financial sector, the support of micro, small and medium-sized enterprises and the development of the non-oil private sector, the APA reports.