16:31 - 14.12.2022

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December 14, Fineko/abc.az. The EBRD is boosting supply chain resilience in Azerbaijan through a senior secured loan of up to 5.6 million euros to existing customer Gemza Group for the construction of three modern and energy-efficient dry warehouses with a gross lettable area of 24,000 sq m.

EBRD reports that the total cost of the project is 19.1 million euros.

"The loan is set to address the shortage of modern warehouses in Azerbaijan, strengthening the country’s supply chain resilience and enhancing warehouse capacity across the Middle Corridor. The agreement also includes the on-site installation of solar panels to generate up to 1 MW of electricity, cutting energy costs significantly.

Gemza Group is a successful local enterprise in Azerbaijan providing engineering, procurement and repair services. It produces spare parts for mechanical equipment and carries out repair works at its facility, working with clients in Turkiye, United Arab Emirates and some Central Asian markets.

The proposed transaction will be the bank's second agreement with the borrower.