Azerbaijan's Energy Efficiency Fund to provide preferential loans

Economy Materials 1 March 2024 13:59 (UTC +04:00)
Azerbaijan's Energy Efficiency Fund to provide preferential loans
Ingilab Mammadov
Ingilab Mammadov
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BAKU, Azerbaijan, March 1. Azerbaijan's Energy Efficiency Fund will provide preferential loans, Trend reports.

This issue has been reflected in the “Procedure for the formation and use of funds from the Energy Efficiency Fund”, approved by the decree of the President of the Republic of Azerbaijan Ilham Aliyev.

These loans will be provided through authorized credit organizations to implement the following measures:

- support for the implementation of energy efficiency measures and government programs;

- integration of scientific achievements and innovations in the field of energy efficiency;

- creation and implementation of new materials, techniques, and technologies in the field of energy efficiency;

- development of research programs and projects on energy efficiency;

- conducting scientific research;

- implementation of an energy management system;

- introduction of smart meters and systems;

- application of cogeneration and highly efficient cogeneration units;

- utilization of renewable energy sources.

For each project, the fund may provide preferential loans within the following limits: - from 1,000 to 50,000 manat ($590 to $29,400) - small loans; - from 50,001 to one million manat ($29,400 to $590,000) - medium loans; - from one million to 10 million manat ($590,000 to $5.9 million) - large loans.

Preferential loans are granted for the following terms:

- for small loans - up to five years;

- for medium loans - up to 10 years;

- for large loans - up to 15 years.

Will be updated