Azerbaijan Caspian Shipping Company to obtain credit from EBRD for its fleet modernization
The credit will reportedly make $100 million
A mandate letter was signed between the European Bank for Reconstruction and Development, Azerbaijani Investment Holding, and the Azerbaijan Caspian Shipping CJSC (ASCO), according to ASCO.
The document was executed by Mrs. Nandita Parshad, Executive director of the EBRD Sustainable Infrastructure Group during her visit to Azerbaijan, Ruslan Alikhanov, chief executive officer of Azerbaijan Investment Holding, and Rauf Veliyev - ASCO chairman.
“This document provides for EBRD to grant a large volume credit without a sovereign guarantee for financing the project related to the upgrade of ASCO fleet,” reads the statement.
According to local media, the credit will be $100 million.
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.
