The Azerbaijan Energy Regulatory Agency (AERA) and Kapital Bank have signed a cooperation agreement on the provision of preferential loans from the Energy Efficiency Fund through an authorized credit organization.
The agreement was signed by Samir Akhundov, Chairman of the Board of AERA, and Farid Hidayatzade, Deputy Chairman of the Management Board of Kapital Bank.
The parties agreed on the issuance of preferential loans from the Fund to encourage energy efficiency measures, including the terms of preferential loans, accounting procedures, monitoring of intended use, repayment, and the accountability of the authorized credit institution to the Agency.
Samir Akhundov stated that in order to promote the implementation of energy efficiency measures, preferential loans are planned to be issued from the Fund through authorized credit organizations, and cooperation agreements have been signed with the country’s leading banks for this purpose. Noting that cooperation with Kapital Bank has been ongoing since 2018, Samir Akhundov expressed confidence that cooperation in this new direction under the Fund’s activities will also be successful.
Farid Hidayatzade, in turn, expressed satisfaction with the development of mutual relations and upcoming cooperation for implementation of energy efficiency projects. He noted that the preferential loans provided from the Fund will create new opportunities for energy efficiency projects and emphasized interest in further developing ties in this direction. Farid Hidayatzade also highlighted that the signed agreement would contribute to strengthening of cooperation.
The Energy Efficiency Fund was established by the Decree of the President of the Republic of Azerbaijan Ilham Aliyev, dated March 1, 2024. Its funds are managed by the Azerbaijan Energy Regulatory Agency (AERA). AERA was established as a public legal entity under the Ministry of Energy by the Decree of the President of the Republic of Azerbaijan, dated December 22, 2017.