Baku: ABB Bank and the Energy Regulatory Agency have signed a cooperation agreement to provide concessional loans using resources from the Energy Efficiency Fund. The agreement, signed by Nargizkhanim Bilyandarli, Deputy Chairman of the Management Board of ABB Bank, and Samir Akhundov, Chairman of the Management Board of the Energy Regulatory Agency, aims to promote energy efficiency measures in the country.
According to Azerbaijan State News Agency, the collaboration establishes the foundation for providing loans with favorable terms, including an annual interest rate of 5% for up to 15 years, with amounts reaching up to 10 million manats. These loans are designed to facilitate energy-efficient initiatives and make them accessible to a broad spectrum of clients, including small and medium-sized enterprises.
The agreement also outlines the regulation of relations concerning the provision of these loans, covering aspects such as terms, monitoring the use of funds, repayment, and reporting requirements by the authorized credit organization to the Energy Regulatory Agency.
The Energy Efficiency Fund, responsible for financing these loans, was established by a Presidential Decree of the Republic of Azerbaijan on March 1, 2024, and is managed by the Energy Regulatory Agency. Customers interested in learning more about ABB Bank’s products and services can visit the bank’s branches or official website, contact the Information Center, or follow the bank’s social media channels.