BAKU, Azerbaijan, April 3. 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, Trend reports via AERA.
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.
