Baku. Nijat Mustafayev - APA-Economics. IFC, a member of the World Bank Group, with the support of the Government of Canada, is helping Bank Respublika expand its lending to small and medium enterprises (SMEs), boost the sustainable energy sector and create jobs in Azerbaijan.
IFC will provide Bank Respublika with a loan of $15 million, to expand its lending to SMEs involved in sustainable energy in Azerbaijan, help create jobs, and support economic development. The loan includes $1 million from the IFC-Canada Climate Change Program. This is IFC’s first sustainable energy investment in Azerbaijan, which is expected to encourage private sector investment in renewable energy and energy efficiency projects.
“Through this project, the Government of Canada is helping leverage private sector investments aimed at advancing sustainable energy projects that reduce greenhouse gas emissions,” said Canada’s Environment Minister, the Hon. Peter Kent.
Azerbaijan became a member of IFC in 1995. Since then IFC has invested almost $393 million and mobilized nearly $73 million from other lenders in 67 projects in financial services, infrastructure, and manufacturing. IFC has also implemented advisory projects focused on private sector development. In addition, the State Oil Fund of the Republic of Azerbaijan has committed $350 million to three funds managed by IFC Asset Management Company, which invest alongside IFC in private sector projects in emerging markets.
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