Energy Efficiency Funding for Azerbaijani Businesses

THE IFC (International Finance Corporation), is supporting Bank Respublika as it provides Azerbaijani businesses financing for energy saving technologies, to boost the efficiency and competitiveness.

IFC, a part of the World Bank Group, signed an agreement with Bank Respublika to provide energy efficiency financing and also provide training for bank staff to assess energy efficiency projects and raise awareness about new opportunities in the market.

Khadija Hasanova, Chairperson of the Executive Board of Bank Respublika, said “Bank Respublika has had a positive experience working with IFC since 2007..... We believe this will contribute to raising awareness about energy efficiency among customers.” 

“Promoting energy efficiency is part of IFC's global efforts to tackle climate change.”  

Aliya Azimova, IFC Country Representative in Azerbaijan, said “Our cooperation with Bank Respublika aims to showcase that sustainable energy finance is good business for financial institutions as well as their borrowers. It provides opportunities to switch to modern technologies, reduce energy-related costs, improve efficiency, and boost competitiveness.” 

The project is part of IFC’s Sustainable Energy Finance Program in Europe and Central Asia, which is supported with funds from the Austrian Ministry of Finance.

Picture of Baku by Gulustan (Own work) [CC-BY-SA-3.0], via Wikimedia Commons

Tuesday 30th July 2013

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