A cooperation agreement has been signed between the Azerbaijan Energy Regulatory Agency (AERA) and Azerbaijan Industry Bank OJSC for the provision of preferential loans from the Energy Efficiency Fund through an authorized credit organization.
The agreement was signed by Rovshan Ismayilov, Deputy Chairman of the Board of AERA, and Anar Mammadov, Executive Board Member, Chief Sales and Marketing Officer at Azerbaijan Industrial Bank OJSC.
Rovshan Ismayilov highlighted the significance of the cooperation agreements signed with banks to promote the implementation of energy efficiency measures, and spoke about the importance of the projects to be realized as a result of the provision of preferential loans by banks through the Fund.
Anar Mammadov stated that preferential lending for energy efficiency measures through the Fund opens up new opportunities for banks in the implementation of projects in this field. He expressed confidence that activities under the signed agreement will be effective.
The Energy Efficiency Fund was established by the Decree of the President of the Republic of Azerbaijan Ilham Aliyev, dated March 1, 2024. Its funds are managed by the Azerbaijan Energy Regulatory Agency (AERA). AERA was established as a public legal entity under the Ministry of Energy by the Decree of the President of the Republic of Azerbaijan, dated December 22, 2017.