IFC expresses readiness to boost funding for energy projects in Azerbaijan
Baku, May 2 (AZERTAC). The International Finance Corporation (IFC) has said it is open for any proposals from banks to increase funding for renewable energy and energy efficiency projects in Azerbaijan.
According to IFC Resident Representative to Azerbaijan Aliya Azimova, the Corporation had already announced that it would grant a loan to Bank Respublika as well as expand lending to small and medium sized enterprises). “A $15 million loan is part of the first IFC funding project for renewable energy and energy efficiency in Azerbaijan,” she said.
According to Azimova, IFC intends to resume work on raising public and business awareness in the field of energy efficiency.
"A few years ago we conducted a survey to find out the potential of the energy efficiency market in Azerbaijan. We want to resume work in this direction in order to raise awareness of people and businesses on this niche. There will be no special project. We will work within a regional initiative," Azimova said.
Approval of the loan to Bank Respublika is expected by IFC`s board of directors on May 20. From a line of credit of $15 million, the Finance Corporation will provide $14 million and $1 million will be attracted as part of the Canada Climate Change Programme.
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