EBRD Prioritizes Azerbaijan's ASCO Fleet Expansion

(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 12. The expansion of the fleet of the Azerbaijan Caspian shipping Company (ASCO) abroad is one of the priorities of the European bank for Reconstruction and Development (EBRD), Head of the EBRD in Azerbaijan Natali Mouravidze said at the 1st National financial Accessibility Forum held in Baku today, Trend reports.

"Recently, our board of directors approved a new strategy for Azerbaijan for the next five years. Among the key priorities are supporting economic diversification by enhancing the competitiveness and corporate governance of local businesses, developing financial sustainability through local financial markets, promoting the transition to a green economy, and improving regional connectivity.

We are implementing these goals through large-scale investments – from solar and wind energy projects to the expansion of the ASCO fleet abroad. However, our main task in Azerbaijan, which has always remained unchanged, is to support the private sector," she said.

Mouravidze pointed out that the bank provides direct financing to local businesses, but the primary tool for supporting small and medium-sized businesses is cooperation with Azerbaijani banks.

"Our priorities for the coming years will be increasing the competitiveness of small and medium-sized businesses, expanding initiatives in 'green' finance, supporting women in business, and enhancing youth employment opportunities in the country," added the bank representative.

The Azerbaijan Caspian Shipping merged the country's main fleets, the Azerbaijan State Caspian Sea Shipping Company and the State Oil Company of the Azerbaijan Republic's Caspian Sea Oil Fleet. The Azerbaijan Caspian Shipping has two shipyards and offshore support and commercial fleets. The merchant fleet has 51 ships: 20 tankers, 12 ferries, 16 dry cargo, one Ro-Ro, and two Ro-Pax.

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