Baku: The Azerbaijan Energy Regulatory Agency (AERA) and Unibank OJSC have entered into an agreement focused on the distribution of preferential loans aimed at promoting energy efficiency. These loans will be issued from the Energy Efficiency Fund via an authorized credit organization.

According to Azerbaijan State News Agency, the agreement was formalized by Samir Akhundov, Chairman of the Board of AERA, and Heybat Gadirov, Acting Chairman of the Management Board of Unibank OJSC. The partnership outlines the issuance of preferential loans to stimulate energy efficiency initiatives. It includes specifics on the terms of these loans, accounting procedures, monitoring of their intended use, repayment, and the responsibility of the authorized credit institution to AERA.

Samir Akhundov remarked that the collaboration with banks is aimed at easing the provision of preferential loans from the Fund to support energy efficiency projects. He explained that these loans will offer accessible support for individuals and organizations implementing energy-efficient solutions.

Heybat Gadirov stressed the significance of efficiency across sectors, underscoring the importance of energy efficiency. He highlighted Unibank's commitment to projects in this area and expressed eagerness for ongoing collaboration to further mutual interests.

The Energy Efficiency Fund, which provides the financial backing for these preferential loans, was established by a Decree from President Ilham Aliyev on March 1, 2024, and is managed by the Azerbaijan Energy Regulatory Agency.