Baku, Azerbaijan, August 2
By Ilaha Mammadli - Trend:
European Bank for Reconstruction and Development (EBRD) jointly with "Unibank" JSC provided loan in the amount of $10 million to the Azerbaijani oil service company-Dalgidj LLC for the expansion of the company`s activity.
As the EBRD reported, the loan will be used for the acquisition of a new remotely operated vehicle (ROV) and the construction of a new warehouse.
Dalgidj LLC, a local private company, offers services such as diving inspections and underwater technical operations, which includes underwater welding and cutting at depths of up to 60 metres and ROV operations at depths of up to 1000 meters in the Caspian Sea.
"Strict technical and environmental requirements for offshore exploration are leading to an increased demand for underwater technical operations. Companies engaged in these activities are also facing strict requirements and strong competition. In these conditions professional staff and modern equipment are crucial for enterprises to succeed," the bank reported.
EBRD Head of Office in Azerbaijan Neil McKain welcomed this signing and said that it allows them to support the growth of a strong local company. "It illustrates how Azerbaijani enterprises are benefiting from offshore explorations and we are impressed by their successful efforts to meet highest international standards."
Director of Dalgidj LLC Ilgar Sadigov in turn expressed hope to deepen cooperation with EBRD and to continue participating in big projects."
Companies such as Dalgidj are the ones that drive the real sector of our economy and its modernisation, according to CEO of Unibank Jalal Gasimov.
"Thus, it is always a priority for us to support this sort of innovative company, especially considering that the project will create many jobs for skilled specialists. Our decision to finance this project is also an indication of the high level of cooperation between the EBRD and Unibank. It must be noted that, as of today, this will be the largest project the EBRD has ever co-financed with any local bank in Azerbaijan. I would like to invite other businesses to take advantage of this very beneficial funding facility," he said.
The loan comes under the EBRD's Medium-Sized Co-financing Facility which was established with local banks to meet the financing needs of successful medium-sized private companies in early transition countries.
The EBRD has been active in Azerbaijan since the country's independence. To date the Bank has invested in 146 projects with over $2.5 billion across various sectors of the Azerbaijani economy. One of the EBRD's priorities in the country is to support the growth of the non-oil private sector by investing in dynamic small and medium-sized enterprises.
Edited by CN