EBRD To Provide Loan To Azerbaijani Lead-Acid Battery Recycling Company
Date
1/22/2023 5:31:04 AM
(MENAFN- EIN Presswire) The European bank for Reconstruction and Development (EBRD) is providing a loan of up to US$ 4.2 million to Azerbaijani lead-acid battery recycling company Az-Lead. The company uses end-of-life lead-acid batteries, which would otherwise end up in landfill, in the production of lead products. The deal will be backed by a guarantee from the European Sustainable Development Fund (EFSD).
The investment will increase the company's recycling capacity and increase its monthly production capacity from 500 tonnes to 800 tonnes, and potentially to more than 1,000 tonnes. This will help the company meet the potentially growing demand for recycled lead in the automotive and renewable energy sectors.
“We fully support this EBRD investment which is aligned with our Economic and Investment Plan for Azerbaijan and Eastern Partnership countries. Thanks to the support of the EU guarantee, we are contributing to the green transition in the country and creating new employment opportunities,” said Lawrence Meredith, Director of the EU's Eastern Neighbourhood and Institution Building at the European Commission.
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