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Baku/18.02.23/Turan: The European Bank for Reconstruction and Development (EBRD) plans long-term financing for the Azerbaijan Caspian Shipping Company (ASCO) CJSC in the amount of $60 million and will consider this issue on April 26, the bank said. “The loan proceeds will be used to purchase ASCO vessels as part of its international expansion strategy. This project will help the shipping company expand operations in international waters outside the Caspian Sea, improve regional communications and trade relations,” the message says.
The EBRD believes that the loan will help ASCO to increase the flexibility of route routes, in particular along the Middle Corridor, which will ultimately lead to an increase in the JSC's income from international operations. The loan will help in the implementation of the CJSC's investment program.
In addition, it will allow to use the EBRD's experience in energy efficiency and resource efficiency to achieve higher environmental standards and address the risks associated with a shift to carbon.
The purchased vessels will comply with international environmental and safety requirements, including the MARPOL convention and IMO requirements for wastewater discharge, ballast water management, oil spills, unforeseen and unavoidable circumstances, etc.
Financing will be provided under the Green, E&S and Climate Transition Due Diligence scheme (85% of the total project) from the EBRD Shareholder Special Fund (SSF).
Azerbaijan has been a member of the EBRD since 1992 and during this period received about 3.6 billion euros from the Bank to finance 187 projects.
The current portfolio of the bank in Azerbaijan at the beginning of 2023 on 35 projects is 843 million euros: 86% falls on infrastructure, 10% - industry and agro-industrial complex, 4% - the financial sector.
EBRD plans to provide loans in the amount of up to $300 million for projects in Azerbaijan in 2023—0—
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