A cooperation agreement has been signed between the Azerbaijan Energy Regulatory Agency (AERA) and PASHA Bank OJSC regarding the issuance of preferential loans from the Energy Efficiency Fund through an authorized credit organization.
The agreement was signed by Samir Akhundov, Chairman of the Board of AERA, and Bahruz Naghiyev, Deputy Chairman of the Board of PASHA Bank OJSC.
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 the provision of preferential loans from the Fund through authorized credit organization is intended to encourage energy efficiency measures. He noted that cooperation agreements have been signed with the country’s leading banks to carry out this work and expressed satisfaction with the cooperation with PASHA Bank and its participation in the implementation of energy efficiency projects.
Bahruz Naghiyev spoke extensively about the history and activities of PASHA Bank. He noted that preferential loans provided from the Fund will open new opportunities for the implementation of energy efficiency projects. In this regard, he expressed confidence that the signed agreement will play an effective role in the development of future mutual cooperation.
The Energy Efficiency Fund was established by Decree of President Ilham Aliyev, dated March 1, 2024. Its funds are managed by the Azerbaijan Energy Regulatory Agency.