Xalq Bank and EMTA Sign Cooperation Agreement

Xalq Bank and the Energy Regulatory Agency (AERA) have signed a cooperation agreement on the provision of preferential loans financed by the Energy Efficiency Fund through an authorized credit institution.

The agreement was signed by Kamran Majidov, Chairman of the Management Board and Chief Executive Officer of Xalq Bank, and Samir Akhundov, Chairman of the Management Board of the Energy Regulatory Agency.

Under the cooperation framework, matters related to the financing of projects aimed at improving energy efficiency, loan terms and conditions, monitoring the use of funds for their intended purposes, loan repayment, accounting, and reporting will be regulated in accordance with the established procedures.

Kamran Majidov highlighted the importance of promoting energy efficiency in terms of sustainable development, noting that the signed agreement would create new opportunities for the implementation of energy efficiency projects and support long-term cooperation between the parties.

Samir Akhundov, in turn, emphasized the importance of cooperation with banks in financing energy efficiency projects using the Fund’s resources. He expressed confidence that the cooperation established with Xalq Bank would contribute to the successful implementation and support of projects in this area.

It should be noted that the Energy Efficiency Fund was established by the Decree of the President of the Republic of Azerbaijan dated March 1, 2024. The Fund’s resources are managed by the Energy Regulatory Agency.