EBRD extends substantial loan to Azerbaijan Caspian Shipping Company

The European Bank for Reconstruction and Development (EBRD) has provided $42 million (38.71 million euros) loan to Azerbaijan Caspian Shipping Company (ASCO), a state-owned shipping company in Azerbaijan, a source at the bank told Trend.

According to the EBRD, ASCO will use the funds to expand its merchant fleet operations by purchasing two Handysize vessels to transport dry cargo in international waters, enhancing regional maritime connectivity and trade. The new vessels will support Azerbaijan’s drive to bolster the country’s position as a crucial link along the extended Middle Corridor route connecting Central Asia and South Caucasus with global markets.

"EBRD will also support ASCO in improving its climate corporate governance and disclosure practices to better address decarbonisation challenges in the shipping sector and pave the way for ASCO’s first sustainability-linked financial instruments," the bank said in a statement.

The EBRD is an important institutional investor in the Caucasus and Central Asia. In Azerbaijan, the Bank has invested more than 3.6 billion euros in 189 projects to support the country’s economic diversification.

News.az 

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