The raised resources are to be spent for expansion of ASCO fleet and development of the shipyard
Azerbaijan Caspian Shipping Company CJSC (ASCO) is in talks with the European Bank for Reconstruction and Development (EBRD) on raising a loan, Interfax-Azerbaijan cites Azerbaijan's Minister of Economy Mikayil Jabbarov.
“ASCO and EBRD are currently holding talks (on loan – IF). Those talks have entered the final phase,” Mikayil Jabbarov told Real TV channel of Azerbaijan.
The Minister did not specify the size of loan but said it would be a substantial sum. “This loan will be provided without state guarantees,” he said adding that the raised money are to be spent for expansion of ASCO fleet, development of the shipyard and other activities. “All of them will be correlated with the goals of the Azerbaijan Government on expansion of the country’s transport and logistic capabilities in view of the today’s reality,” underlined the Minister.
Azerbaijan is a member of EBRD from 1992. Over the period of their cooperation, the bank has approved loans to Azerbaijan worth EUR 3.544 billion for implementation of 181 projects. As of today, the bank’s active portfolio of loans to Azerbaijan numbers 33 projects (EUR 814 million as of 31 May 2022 - IF-Az).