EBRD to allocate $60M to Azerbaijan Caspian Shipping Company

The European Bank for Reconstruction and Development (EBRD) will allocate a senior secured loan worth $60 million to CJSC Azerbaijan Caspian Shipping Company to support the acquisition of vessels as part of its international expansion strategy, Report informs referring to the EBRD.

The loan’s approval date is April 26.

“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 message.

The Client also makes use of EBRD expertise over energy and resource efficiency to achieve better environmental standards and address carbon transition-related risks.

CJSC 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.