(MENAFN- Trend News Agency) BAKU, Azerbaijan, February 2. Azerbaijan
Caspian Shipping Company CJSC (ASCO), administered by Azerbaijan
Investment Holding, will allocate $18 million as part of the
project for the purchase of two Handysize dry cargo ships inked in
Baku on February 1, Trend reports via ASCO.
"The overall cost of the project to purchase two dry cargo ships
is projected to be $60 million, of which 70 percent ($42 million)
will be allocated by the EBRD and 30 percent by ASCO," the
Meanwhile, the signing ceremony of the agreement was held
yesterday in Baku with representatives of the European Bank for
Reconstruction and Development (EBRD), the Azerbaijani government,
"The new vessels will help Azerbaijan strengthen its position as
a key link in the Middle Corridor, connecting Central Asia and the
South Caucasus to global markets. The EBRD will also assist ASCO in
enhancing its corporate governance standards and climate
change-related disclosures to better address decarbonization in the
shipping sector and build the framework for ASCO's first
sustainability-related financial reports," the parties stated
following the ceremony.
Note that Azerbaijan Caspian Shipping Company CJSC (the largest
fleet on the Caspian Sea) currently has 54 vessels for various
purposes on its balance sheet.
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