PASHA Bank has taken another significant step in financing
energy efficiency projects. A cooperation agreement has been signed
between the Bank and the Azerbaijan Energy Regulatory Agency
(AERA), providing for the issuance of concessional loans funded by
the Energy Efficiency Fund.
The agreement was signed by Deputy Head of PASHA Bank Executive
Board and Head of AERA Executive Board Samir Akhundov.
Under the agreement, the parties will cooperate in providing
concessional loans financed by the Fund to promote energy
efficiency measures. Within this framework, key aspects, including
loan terms, accounting procedures, mechanisms for monitoring the
proper use of funds, repayment conditions, and the authorized
credit institution's reporting obligations to the Agency, will be
regulated.
Bahruz Nagiyev noted that the concessional loans financed by the
Fund will create new opportunities for implementing energy
efficiency projects. He expressed confidence that the signed
agreement will further strengthen cooperation between the
parties.
Samir Akhundov stated that the provision of concessional loans
from the Fund is intended to promote energy efficiency projects. He
pointed out that cooperation has already been established with
leading banks in the country in this area and expressed
satisfaction with the partnership with PASHA Bank.
It should be noted that since 2023, PASHA Bank has been a
participant of the UN Global Compact and has been actively
supporting energy efficiency and sustainable development
initiatives. The Bank’s Corporate Social Responsibility strategy
for 2024–2026 is also aligned with the Sustainable Development
Goals, with “Climate Action” being a key priority. The Bank aims to
expand its activities in this direction further.
By encouraging investment in energy efficiency projects through
concessional lending, PASHA Bank contributes to both economic and
environmental sustainability, strengthening its leadership position
in this field.
