The Board of Directors of the European Bank for Reconstruction & Development (EBRD) has approved a loan for Caspian Marine Services Ltd (CMS), a private Azerbaijani company.

The loan will be allocated in the framework of the “Financing of rapid-response vessels” project and is aimed at financing of a part of the acquisition cost of the new high-speed passenger ship for staff delivery, the bank’s official website reports. The vessel will function in the Caspian Sea.

The EBRD’s loan makes up $20.4 million of the total $34 million project cost. Currently, the signing of the loan agreement is expected.

Caspian Marine Services Ltd operates a fleet of offshore marine support vessels, serving the offshore oil and gas exploration and production industry. The company started its operations in Azerbaijan in the early 2006, the offices were located in Baku as the capital city and main shipping centre of Azerbaijan.

The same year the Company formed a strategic alliance with the State Oil Company of Azerbaijan Republic (SOCAR). According to the contract, the Alliance provides services to foreign companies by using vessels of SOCAR’s Caspian sea Oil Fleet and modernizes the needed ships. SOCAR, BP-Azerbaijan and Lukoil are the main customers of the Alliance.

In early 2014, following a restructuring of the shipping industry in Azerbaijan, Caspian Marine Services Ltd. has formed another strategic alliance with the Azerbaijan Caspian Shipping Company (ACSC).

Azerbaijan is a member of the European Bank for Reconstruction & Development since 1992. For these 24 years, the Bank allocated 2.46 billion euro for 161 projects in the country. 55 of the projects were aimed to the development of Azerbaijani private sector. The current Bank's portfolio for Azerbaijan exceeds 1 billion euro.