The Azerbaijan Energy Regulatory Agency (AERA) and the International Bank of Azerbaijan (ABB) have signed a cooperation agreement for the provision of preferential loans from the Energy Efficiency Fund through an authorized credit organization.
This partnership enables the allocation of preferential loans from the Fund to promote energy efficiency measures.
The parties reached an agreement on the issuance of preferential loans from the Fund to encourage energy efficiency measures, including the terms of preferential loans, accounting procedures, monitoring of intended use, repayment, and the accountability of the authorized credit institution to the Agency.
Samir Akhundov, Chairman of the Board of AERA, stated that these preferential loans will provide accessible and beneficial support for those implementing energy efficiency projects.
“Citizens, as well as enterprises, will be able to take advantage of these opportunities. These steps contribute to the continuous and systematic advancement of energy efficiency in our country. Furthermore, they ensure that state policy in this area is transformed into tangible results while creating valuable opportunities for citizens,” he noted.
The Energy Efficiency Fund was established by Decree of President Ilham Aliyev on March 1, 2024. Its funds are managed by the Azerbaijan Energy Regulatory Agency.
