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EBRD secures loan for warehouse construction, facilitates cargo flow between Azerbaijan, Georgia

Economy Materials 8 August 2022 15:41 (UTC +04:00)
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, August 8. The European Bank for Reconstruction and Development (EBRD) will provide the Azerbaijani W&E Forward logistics company and the Alat Bay Industrial Development LLC (AFEZCO) with a senior secured loan of $4 million (3.9 million euros) for the construction of a warehouse with a capacity of 5,000 tons near Baku, Trend reports via EBRD.

“The project will facilitate the flow of transit and import-bound cargoes by reducing the cost and time of delivery between the Black Sea ports of Georgia and Baku,” the bank said.

According to the EBRD, the overall cost of the project amounted to $7.3 million.

The companies will use the EBRD's experience in energy efficiency and resource efficiency, as well as climate resilience financing through energy and climate audits, minimum technology efficiency standards, climate-related strategies and policies, monitoring, reporting and verification (MRV) systems, the project plan said.

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