If necessary, this amount can be increased, according to ASCO Board Chairman
European Bank of Reconstruction and Development (EBRD) is ready to finance the modernization of the activities of Azerbaijan Caspian Shipping Company (ASCO) CJSC, Trend cites Board Chairman of ASCO Rauf Valiyev as telling reporters.
According to Valiyev, the initial agreement for the allocation of a $100 million loan to ASCO has already been reached.
"Possible lending to our CJSC will be carried out without a state guarantee. If necessary, this amount can be increased," he said.
The “Azerbaijan Caspian Shipping” Closed Joint-Stock Company was established by merging the country’s two largest fleets – the Azerbaijan State Caspian Sea Shipping Company and the Caspian Sea Oil Fleet of the State Oil Company of Azerbaijan Republic in October 2013. Apart from transport fleet, the company’s assets include special ships and ship repair yards.