IFC is loaning $35 million to shipping, logistics, and marine services provider GAC Group to finance the purchase of six offshore supply vessels.
Offshore staff
WASHINGTON, DC -- IFC is loaning $35 million to shipping, logistics, and marine services provider GAC Group to finance the purchase of six offshore supply vessels.
Three of the vessels will operate offshore Kazakhstan in the Caspian Sea, the others are destined for in the Middle East and Africa.
IFC, a division of the World Bank Group, points out that Kazakhstan has been unable to exploit its large reserves of oil and gas quickly due largely to a lack of infrastructure, support services, and equipment. Financing for new vessels and equipment has been difficult in the country and the wider region - entry and exit costs are high, as the only route out of the area is frozen for up to six months of the year.
