Baku: A cooperation agreement has been signed between the Azerbaijan Energy Regulatory Agency (AERA) and Yapi Kredi Bank Azerbaijan CJSC regarding the issuance of preferential loans from the Energy Efficiency Fund through an authorized credit organization.

According to Azerbaijan State News Agency, the agreement was signed by Samir Akhundov, Chairman of the Board of AERA, and Mete Samil -ztrk, Chairman of the Board of Yapi Kredi Bank Azerbaijan CJSC. The parties reached an agreement 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 cooperation with banks is intended to facilitate the provision of preferential loans through the Fund to promote energy efficiency measures. He noted that these preferential loans will provide accessible and beneficial support for those implementing energy efficiency projects.

Mete Samil -ztrk, in turn, spoke about the importance of energy efficiency in the modern world, noting that the implementation of such projects in the energy sector is a priority. In this regard, he emphasized the future development of mutually beneficial cooperation.

The Energy Efficiency Fund was established by the Decree of President Ilham Aliyev, dated March 1, 2024. Its funds are managed by the Azerbaijan Energy Regulatory Agency.