The agreement was signed by Mehman Mammadov, Chairman of the Management Board of Expressbank OJSC, and Samir Akhundov, Chairman of the Management Board of the Agency.
Under the signed agreement, concessional loans will be provided using the resources of the Energy Efficiency Fund to finance projects promoting the efficient use of energy resources. Within this framework, Expressbank will act as an authorized credit institution, delivering the allocated funds to individuals and legal entities.
The agreement covers the mechanisms for granting concessional loans to small and medium-sized enterprises (SMEs) to finance energy efficiency projects, their terms and conditions, supervision of proper and targeted utilization, as well as repayment and reporting procedures. The primary goal is to ensure a more efficient use of resources and foster innovative approaches. To enable SMEs to benefit from these opportunities, loans will be offered at an annual interest rate of 5% for a term of up to 15 years, with a maximum loan amount of up to 10 million AZN.
During the event, Samir Akhundov stated that the concessional loans provided in cooperation with banks through the Fund to encourage energy efficiency measures are highly favorable and serve as crucial support for entities implementing energy efficiency projects.
In turn, Mehman Mammadov, Chairman of the Management Board of Expressbank, noted that this partnership reflects Expressbank OJSC's commitment to sustainable banking principles and aims to contribute to the development of a green economy through projects that enhance energy efficiency. He also emphasized that these measures serve to reinforce the Bank's position among responsible financial institutions in the ESG field.
It should be noted that this initiative, while contributing to energy efficiency enhancement and sustainable development goals in the country, will also broaden access to more affordable financial resources for entrepreneurs and citizens.
Expressbank OJSC operates under license No. 119 issued by the Central Bank of Azerbaijan on December 30, 1992. Address: 134C Y. V. Chamanzaminli Str., Baku.
