Baku. Parviz Nuriyev - APA-Economics. The European Bank for Reconstruction and Development (EBRD) is lending US$ 3 million to Muganbank to finance energy efficiency projects in the country. The facility is provided for on-lending to qualifying corporate and individual customers, and will be used for energy efficiency and renewable energy projects.
The facility will allow Muganbank to help local entrepreneurs and households to acquire and install more energy efficient equipment, appliances and materials, including but not limited to modern production facilities, double-glazed windows, insulation, gas boilers, solar water heaters and rooftop solar panels. The funds will ultimately help those clients to reduce their energy bills and make their businesses and homes more cost-effective.
The loan is part of the EBRD’s Caucasus Energy Efficiency Programme (CEEP), which provides loans to local financial institutions to support industrial and residential energy efficiency improvements and renewable energy projects. Muganbank will be the EBRD’s third partner institution in Azerbaijan to secure an energy efficiency facility under CEEP.
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