Azerbaijan, Baku, April 20 / Trend A.Akhundov /
International Finance Corporation (IFC) is going to provide a credit to Azerbaijani Bank Respublika for financing projects in the field of renewable energy and energy efficiency, as well as for enhancement of crediting small and medium enterprises, IFC announced in a statement posted on its website.
The credit to the amount of $ 15 million is the first IFC project for funding renewable energy and energy efficiency in Azerbaijan.
From this line of credit IFC will provide $ 14 million, and $1 million will be attracted within the scope of Canada Climate Change Program.
"The project will extend small and medium-sized enterprises' access to financing and stimulate the growth of non-oil sector in Azerbaijan, creating new job places and having a positive impact on the economic development in the country. Moreover, this project will be a positive sign for other commercial lenders and increase investors' interest to renewable energy and energy efficiency fields in Azerbaijan. This will also help to establish criteria for the financing of this sector in the country," the country says
IFC Board of Directors will consider the project on May 20, this year.