EBRD approves loan for project facilitating transit flow from Baku to Black Sea ports

14:56 - 11.08.2022

August 11, Fineko/abc.az. The European Bank for Reconstruction and Development (EBRD) has approved a $4 million senior secured loan to an Azerbaijani company, ABC.AZ reports citing EBRD.

According to the information, "W&E Forward" and "Alat Bay" companies applied to the Bank for a senior secured loan in the amount of 4 million US dollars (3.9 million euros) for the construction of a warehouse with a 5,000-tonne storage capacity near Baku. . Now the loan application has been reviewed and approved.

Notably, the project will facilitate the flow of transit and import-bound cargoes by reducing the cost and time of delivery between the Black Sea ports of Georgia and Baku.

West & East Forward LLC (W&E Forward) is an Azerbaijan-based logistics firm operating since 1993 .Alat Bay Industrial Development AFEZCO LLC (Alat Bay) established in April 2022 for the purpose of the Project. W&E Forward and Alat Bay will act as co-borrowers under the Project.