The European Bank for Reconstruction and Development (EBRD) has postponed until July 12 the approval of a long-term loan for CJSC Azerbaijan Caspian Shipping Company (ASCO), Report informs referring to the EBRD.
The approval of the senior secured loan for $60 million at the Board of Directors of the bank was scheduled for April 26.
The funds are intended for the acquisition of vessels as part of ASCO international expansion strategy.
“This Project will support the Company to expand its merchant fleet operations in international waters beyond the Caspian Sea, enhancing regional connectivity and trade relationships.
The Project will promote the "Competitive" transition quality through acquisition of additional vessels to increase the Company's shipment weight load and improve its flexibility of route directions. The Project will also support the "Integrated" objective by expanding the Company’s non-Caspian fleet revenues and facilitating the transportation on the Middle Corridor,” reads the report.
The company also makes use of EBRD expertise over energy and resource efficiency to achieve better environmental standards and address carbon transition-related risks.
Azerbaijan Caspian Shipping Company was established in 2014. Its authorized capital is 440.051 million manats ($258.853 million). The company is 100% owned by the state.