The European Bank for Reconstruction and Development (EBRD) has approved a loan to Caspian Shipping Company (ASCO) CJSC in the amount of $60 million, the bank told Interfax-Azerbaijan.

“The loan proceeds will be used to purchase ASCO two bulk carriers as part of its international expansion strategy. This project will help ASCO expand its operations in international waters beyond the Caspian Sea, strengthening regional connections and trade relations within the Trans-Caspian Transport Route (Middle Corridor),” - added to the jar.

Let us remind you that the Azerbaijan Caspian Shipping Company increased the volume of sea cargo transportation by 21% in January-October 2023.

Over the 10 months of this year, ASCO ships transported a total of 7.7 million tons of cargo. Tankers accounted for 4.3 million tons of cargo, ferries – 2.8 million tons, and universal dry cargo ships – 0.6 thousand tons.