® AERA and Xalq Bank sign cooperation agreement
Baku, September 15, AZERTAC
The Azerbaijan Energy Regulatory Agency (AERA) and Xalq Bank have signed a cooperation agreement regarding the provision of preferential loans from the Energy Efficiency Fund through an authorized credit institution.
The document was signed by Samir Akhundov, Chairman of the Board of AERA, and Kamran Majidov, Chairman of the Executive Board of Xalq Bank.
The parties agreed 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.
During the event, Samir Akhundov highlighted the Fund’s activities and steps taken to promote energy efficiency. He noted that, to date, cooperation agreements have been signed with 13 leading banks in the country to provide preferential loans from the Fund through authorized credit institutions to promote energy efficiency measures.
S. Akhundov expressed confidence that cooperation with Xalq Bank will also yield successful results in this field.
Kamran Majidov, Chairman of the Executive Board of Xalq Bank, spoke about the importance of promoting energy efficiency for sustainable development and highlighted the Bank’s experience working with funds. He also noted that the signed agreement will create new opportunities for implementing energy efficiency projects and support the development of long-term cooperation between the parties.
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