Baku: The Azerbaijan Energy Regulatory Agency (AERA) and the International Bank of Azerbaijan (ABB) have inked a cooperation agreement to offer preferential loans through the Energy Efficiency Fund via an authorized credit organization. This strategic collaboration aims to bolster energy efficiency initiatives by providing financial support.

According to Azerbaijan State News Agency, the agreement outlines the allocation of preferential loans from the Fund to encourage energy efficiency measures. It specifies terms for the loans, accounting procedures, monitoring of their intended use, and repayment processes. Additionally, the agreement details the accountability requirements of the authorized credit institution to AERA.

Samir Akhundov, Chairman of the Board of AERA, emphasized that these loans will offer accessible support for energy efficiency projects. "Citizens, as well as enterprises, will be able to take advantage of these opportunities. These steps contribute to the continuous and systematic advancement of energy efficiency in our country. Furthermore, they ensure that state policy in this area is transformed into tangible results while creating valuable opportunities for citizens," Akhundov stated.

The Energy Efficiency Fund, managed by AERA, was established by a decree from President Ilham Aliyev on March 1, 2024. It serves as a financial mechanism to support the implementation of energy efficiency projects across Azerbaijan.