(MENAFN- Trend News Agency) BAKU, Azerbaijan, February 1. The European Bank
for Reconstruction and Development (EBRD) has provided $42 million
(38.71 million euros) loan to Azerbaijan Caspian Shipping Company
(ASCO), a state-owned shipping company in Azerbaijan, a source at
the bank told Trend .
According to the EBRD, ASCO 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 South Caucasus with global markets.
"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
bank said in a statement.
The EBRD is an important institutional investor in the Caucasus
and Central Asia. In Azerbaijan, the Bank has invested more than
3.6 billion euros in 189 projects to support the country's economic
diversification.
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