Baku: The European Bank for Reconstruction and Development (EBRD) is exploring the possibility of initiating the ‘Green Economy Financing Facility’ (GEFF) program in Azerbaijan. According to APA-Economics, citing the EBRD, the program’s approval is anticipated from the Bank’s Board of Directors on December 3.

The GEFF is designed as a five-year project with a budget of 100 million USD, which is approximately 85.6 million euros. This initiative aims to promote ‘green financing’ through selected local financial institutions. The EBRD has indicated that the funds will be allocated to finance private companies that are undertaking projects in energy efficiency, renewable energy, efficient use of resources, and climate resilience. The GEFF program is intended to be a pilot project for implementing ‘green financing’ mechanisms in Azerbaijan, supporting the nation’s shift towards sustainable development.