BAKU, Azerbaijan, December 19. The European Bank for Reconstruction and Development (EBRD) has approved a long-term loan to Azerbaijan Caspian Shipping Company (ASCO), Trend reports.
The decision was made by the EBRD Board of Directors.
The EBRD plans to provide Azerbaijan Caspian Shipping Company (ASCO) with a senior secured loan (currently the amount of the loan is not specified, although the amount of $60 million was initially assumed).
The project will help the company expand its merchant fleet operations in international waters beyond the Caspian Sea, improving regional connectivity and trade relations.
"The project will contribute to achieving the transition quality of 'Competitive' by acquiring additional vessels to increase the weight load of the company's cargoes and improve route flexibility. The project will also contribute to the 'Integrated' objective by expanding revenues from the company's fleet in non-Caspian regions and facilitating transportation along the Middle Corridor," the bank said.
The EBRD noted that ASCO will also benefit from the Bank's expertise in energy and resource efficiency to achieve higher environmental standards and address the risks associated with the transition to zero carbon.