EBRD allocates fund to ASCO to promote as part of Middle Corridor

The European Bank for Reconstruction and Development (EBRD) allocated a loan of USD 60 million to "Azerbaijan Caspian Sea Shipping" CJSC (ASCO).

According to Azernews, the decision was made by the board of directors of the bank.

ASCO will buy two dry cargo vessels with the funds in line with its international expansion strategy. This project will allow the state-owned company to strengthen its regional ties as part of the Trans-Caspian International Transport Route (Middle Corridor) and increase the number of merchant fleet operations outside the Caspian Sea in international waters.

Within the framework of the loan agreement, ASCO will undertake to prepare a sustainability-related credit framework to enter the international "Green Finance Market" in the near future.

Azerbaijan joined the EBRD on September 25, 1992, after the country regained its independence. Besides, the bank helps Azerbaijan diversify its economy by supporting the development of the private sector in non-oil sectors and strengthening the governance of private and state-owned companies. Further expanding access to finance for local businesses by encouraging lending by banks and non-bank financial institutions as well as by helping develop local currency and capital markets, EBRD also supports the country in developing its green economy.