A financing agreement was signed in Baku on 21 December by the General Director of Norm LLC, Hassan Yalchinkaya, and the Chairman of Pasha Bank, Farid Akhundov, paving the way for the supply of equipment from Germany for the new 5000tpd clinker plant.

Under the agreement, the construction of Gyzyldash Cement by Norm LLC is guaranteed by Pasha Bank, while a USD22.3m long-term loan with a 7-year term has been arranged through German bank Commerzbank and export insurance agency Euler Hermes, for the supply of equipment.

The main equipment for the plant will be supplied by German manufacturers Hazemag, Pfeiffer, ClaudiusPeters, Siemens, Aumund and Haver & Boecker.

With a capacity of 2Mta, the new plant is expected to be the largest cement plant in the Caucasus and Caspian region.

Civil works for the plant are completed and equipment installation will begin shortly. The plant will be commissioned in the third quarter of 2013.