EBRD lends €38.7 million to Azerbaijani shipping company
Feb 09, 2024
The European Bank for Reconstruction and Development (EBRD) is to provide a $42 million (€38.71 million) loan to the Azerbaijan Caspian Shipping Company (ASCO), a state-owned shipping company in Azerbaijan.
ASCO, one of the largest shipping companies in the region, will use the funds to expand its merchant fleet operations by purchasing two Handysize vessels to transport dry cargo in international waters, enhancing regional maritime connectivity and trade.
The new vessels will support Azerbaijan’s drive to bolster the country’s position as a crucial link along the extended Middle Corridor route connecting Central Asia and the South Caucasus with global markets.
The EBRD will also support ASCO in improving its climate corporate governance and disclosure practices to better address decarbonisation challenges in the shipping sector and pave the way for ASCO’s first sustainability-linked financial instruments.
The EBRD is an important institutional investor in Azerbaijan, where the Bank has invested more than €3.6 billion in 189 projects to support the country’s economic diversification.
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