European Bank for Reconstruction and Development (EBRD) has approved a long-term loan of $60 million to Azerbaijan Caspian Shipping Company CJSC (ASCO), the Bank told Paralel.Az-Economics.

It was noted that the Bank's Board of Directors has made the decision in this regard. After the negotiations between ASCO and EBRD end, the draft document will be signed.

The long-term loan agreement is expected to be signed as soon as possible, EBRD said.

Note that the long-term loan is intended for the purchase of two cargo ships in accordance with ASCO's strategy to expand its activities in international waters.

“This project will help ASCO to expand its merchant fleet operations in international waters outside the Caspian Sea and improve regional communications and trade links. Additionally, the project will enable ASCO to increase the transportation of transit cargo, to increase competitiveness by purchasing additional ships for diversification of routes, as well as to facilitate transport accessibility in the Middle Corridor by increasing the company's revenues in international waters,” EBRD added.