Baku: A cooperation agreement has been signed between the Azerbaijan Energy Regulatory Agency (AERA) and Azerbaijan Industry Bank OJSC for the provision of preferential loans from the Energy Efficiency Fund through an authorized credit organization.

According to Azerbaijan State News Agency, the agreement was signed by Rovshan Ismayilov, Deputy Chairman of the Board of AERA, and Anar Mammadov, Executive Board Member and Chief Sales and Marketing Officer at Azerbaijan Industry Bank OJSC. Ismayilov emphasized the importance of these agreements with banks to promote energy efficiency measures, highlighting the significance of the projects enabled through preferential loans by banks via the Fund.

Anar Mammadov acknowledged that preferential lending for energy efficiency measures through the Fund presents new opportunities for banks to implement projects in this area. He expressed confidence in the effectiveness of the activities under the signed agreement.

The Energy Efficiency Fund, established by a Decree of the President of the Republic of Azerbaijan Ilham Aliyev on March 1, 2024, is managed by AERA. AERA was established as a public legal entity under the Ministry of Energy by a presidential decree on December 22, 2017.