EBRD provides ASCO with loan of $60 million

The European Bank for Reconstruction and Development (EBRD) has provided Azerbaijan Caspian Shipping Company (ASCO) CJSC with a loan of $60 million, Report informs.

The decision was made by the Board of Directors of the bank.

With these funds, ASCO will purchase two dry cargo vessels following the strategy of expanding international activities. This project will allow the state-owned company to strengthen regional ties within the Trans-Caspian International Transport Route (Middle Corridor) and increase the number of merchant fleet operations outside the Caspian Sea - in international waters. As part of the loan agreement, ASCO will also commit to developing a sustainability-linked lending framework with a view to entering the international green finance market in the near future.