EBRD: Azerbaijan now eligible for grants in energy efficiency projects
BAKU, Azerbaijan, Nov.22
By Leman Zeynalova – Trend:
Green municipal infrastructure investments in Azerbaijan are set to get a boost thanks to the country’s participation in the Eastern Europe Energy Efficiency and Environment Partnership (E5P), Trend reports citing the European Bank for Reconstruction and Development.
Azerbaijan’s first E5P contribution of US$ 2 million means that the country is now eligible to receive grant financing for energy efficiency and environmental projects in the municipal sector.
The contribution agreement was signed today in London by EBRD President Sir Suma Chakrabarti and Azerbaijan’s Prime Minister Ali Asadov in the presence of the EU Commissioner for European Neighbourhood Policy and Enlargement Negotiations, Johannes Hahn, at the Eastern Partnership Investment Summit, held by the EBRD.
The E5P is a €206 million multi-donor fund initiated during the Swedish Presidency of the European Union (EU) in 2009. E5P projects not only save energy and protect the environment but also strongly focus on policy dialogue to help reforms supporting effective investments in energy efficient measures by municipalities.
The fund provides grant co-financing for projects in the municipal sector implemented by international financial institutions such as the EBRD, the EIB, the World Bank Group, the Nordic Environment Finance Corporation and the Nordic Investment Bank.
To date, the E5P has invested in 36 projects in five countries worth €741 million, saving 1,700 GWh in energy costs and 1 million tonnes in CO2 emissions per year.
Follow the author on Twitter:@Lyaman_Zeyn