The European Bank for Reconstruction and Development (EBRD) has signed an agreement on allocating a loan of up to $4.2 million to Azerbaijan’s lead-acid battery recycling company Az-Lead, Report informs referring to the bank.
The investment is set to boost the company’s recycling and refining capacity, improve lead-recovery rates and allow Az-Lead to increase its monthly production from 500 to 800 tons and eventually to more than 1,000.
This will support the company in meeting growing demand for recycled lead in the automotive and renewable energy sectors.
This investment project contributes to the implementation of the EU’s Economic and Investment Plan (EIP) in the Eastern Partnership region. One of the key flagship priorities of the EIP for Azerbaijan is to promote the country’s economic diversification and a greening of the economy while supporting local businesses.