IFC Supports Bank Respublika with a Major Green Loan at COP29

22.11.2024 10:27

Bank Respublika Secures a Green Loan of 20 Million USD from IFC

During the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), the International Finance Corporation (IFC) supported Bank Respublika by providing a substantial loan to finance green projects in Azerbaijan.

Under the agreement, the international financial institution will provide the Bank with a loan in Azerbaijani manats (AZN), equivalent to 20 million USD, with a term of four years. The loan funds will support micro, small, and medium-sized enterprises (MSMEs) and low-income family businesses implementing environmentally friendly technologies and production methods.

This initiative will help create new jobs, enhance social resilience, and make green technologies more accessible to a broader population. Supporting such initiatives will contribute to sustainable economic growth and stimulate regional development, facilitating their integration into global environmental transformation efforts.

It should be noted that this is the third green loan agreement signed by "Bank Respublika" with international financial organizations within the framework of COP29. Previously, the bank signed significant and large-scale loan agreements with the Dutch Development Bank and the European Bank for Reconstruction and Development as part of COP29.

"Private businesses, especially smaller ones, are vital for diversifying Azerbaijan's economy and creating non-oil sector jobs. We aim to enhance the financial sector’s ability to support these enterprises while promoting climate resilience. IFC's investment in Bank Respublika will demonstrate the viability of climate finance products, encouraging broader adoption among financial institutions,” said Alfonso Garcia Mora, IFC's Regional Vice President for Europe, Latin America, and the Caribbean.

"We are delighted to sign this agreement with our long-standing partner during COP29, which is successfully being held in our country. We view this as an important step in strengthening our partnership and advancing joint environmental initiatives. Collaboration with such an influential international financial organization as IFC not only confirms the trust in Bank Respublika as a reliable financial institution but also opens new opportunities for financing micro, small, and medium-sized enterprises. We believe this agreement will create wide opportunities for funding environmentally responsible projects in our country and will help address environmental issues on a global scale," noted Tariyel Ismayilov, Chairman of the Management Board of Bank Respublika.
For more detailed information, please visit the official website of the bank, check the bank’s pages on Facebook, Instagram, and LinkedIn, or contact the Bank’s Call Center at 144.

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