The European Bank for Reconstruction and Development (EBRD) and Unibank will provide Azerbaijani oil-service, diving and ship-repair company Dalgidj with a $10 million loan to expand its activities.
The loan will be used to acquire a new remotely operated vehicle and towards the construction of a new warehouse.
"We welcome this signing because it allows us to support the growth of a strong local company," Neil McKain, the head of the EBRD's Azerbaijan office in the capital of Baku, said. "It illustrates how Azerbaijani enterprises are benefiting from offshore explorations and we are impressed by their successful efforts to meet highest international standards."
Dalgidj offers device inspections and underwater technical operations for large oil companies active in the Azerbaijani part of the Caspian Sea.
"Companies such as Dalgidj are the ones that drive the real sector of our economy and its modernisation," Unibank CEO Jalal Gasimov said. "Thus, it is always a priority for us to support this sort of innovative company, especially considering that the project will create many jobs for skilled specialists. Our decision to finance this project is also an indication of the high level of cooperation between the EBRD and Unibank. It must be noted that, as of today, this will be the largest project the EBRD has ever co-financed with any local bank in Azerbaijan. I would like to invite other businesses to take advantage of this very beneficial funding facility."
The loan is part of the EBRD's medium-sized co-financing facility established with local banks to meet the financing needs of successful medium-sized private companies in early transition countries.
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