A cooperation agreement has been signed between the Azerbaijan Energy Regulatory Agency (AERA) and TuranBank OJSC on the provision of preferential loans from the Energy Efficiency Fund through an authorized credit institution.
The agreement was signed by Rovshan Ismayilov, Deputy Chairman of the Board of AERA, and Orkhan Garayev, Chairman of the Management Board of TuranBank OJSC.
Providing information about the Fund, Rovshan Ismayilov highlighted the modern-day significance of implementing energy efficiency measures. He pointed out that cooperation agreements have been signed with the country’s leading banks, and emphasized the future prospects and opportunities for partnership within this framework.
Speaking about the activities of TuranBank, Orkhan Garayev noted that the bank possesses an extensive branch network. Saying that TuranBank cooperates with various local and international funds, he pointed to the bank’s experience in this field. At the same time, he stated that the collaboration with the Energy Efficiency Fund will open new opportunities for the implementation of energy efficiency projects.
The Energy Efficiency Fund was established by the Decree of the President of the Republic of Azerbaijan Ilham Aliyev, dated March 1, 2024. Its funds are managed by the Azerbaijan Energy Regulatory Agency (AERA). AERA was established as a public legal entity under the Ministry of Energy by the Decree of the President of the Republic of Azerbaijan, dated December 22, 2017.