ABB Bank to provide concessional loans usingEnergy Efficiency Fund resources

A cooperation agreement has been signed between ABB Bank and the Energy Regulatory Agency. The agreement предусматривает the provision of concessional loans financed by the Energy Efficiency Fund through an authorized credit organization.

The document was signed by Deputy Chairman of the Management Board of ABB Bank, Nargizkhanim Bilyandarli, and Chairman of the Management Board of the Energy Regulatory Agency, Samir Akhundov.

This cooperation between ABB Bank and the Energy Regulatory Agency establishes a foundation for providing concessional loans aimed at promoting the implementation of energy efficiency measures in the country using the resources of the respective Fund.

The parties agreed to create opportunities for granting concessional loans financed by the Fund for energy efficiency purposes for up to 15 years, at an annual interest rate of 5%, and in amounts of up to 10 million manats. These measures aim to stimulate relevant initiatives and ensure access to these opportunities for a wide range of customers, including small and medium-sized enterprises.

The parties also agreed on the regulation of relations related to the provision of concessional loans, including their terms, accounting, control (monitoring) of targeted use, repayment of funds, as well as reporting by the authorized credit organization to the Agency.

It should be noted that the Energy Efficiency Fund was established by a Decree of the President of the Republic of Azerbaijan dated March 1, 2024. The management of the Fund’s resources is carried out by the Energy Regulatory Agency.

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