Azerbaijani bank gets ready to issue loans for energy efficiency projects
Azerbaijan, Baku, March 7 / Trend, A. Akhundov /
Azerbaijani Access Bank prepares a program for issuing loans to projects in the field of energy efficiency in the country. This was stated by Chairman of the Board Michael Hoffmann at a press conference on Thursday.
The Bank intends to issue loans under the Caucasus Energy Efficiency Program (CEEP) of the European Bank for Reconstruction and Development, which was launched in July 2007. Credit lines to local partner banks are provided within this program for investment in rational use of energy in Azerbaijan.
According to the head of the EBRD Baku office Neil McKain, investing in renewable and energy efficiency sector is a priority for the organization in Azerbaijan.
"In this area we work in three directions - industrial and corporate direction, providing credits to partner banks, so that they issue loans to their customers, and provision of technical assistance to the state," McKain said.
Azerbaijani AccessBank has launced the first energy efficiency project in the country. On Thursday, the Bank signed an agreement with the EBRD for a loan in the amount of $ 4.2 million, which will be directed for reconstruction of the head office of the bank with a total area of 9,840 square meters. The loan is issued under CEEP.
To date, the Bank has signed 135 investment agreements worth over 1.52 billion euros in various sectors of Azerbaijan's economy. In 2012, the EBRD approved 15 projects in Azerbaijan with a total value of 81 million euros.