Baku, Azerbaijan, November 19. During the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), Bank Respublika, one of the largest commercial banks in the country, and the European Bank for Reconstruction and Development (EBRD) signed a loan agreement to finance green projects in Azerbaijan. The loan was provided in cooperation with the European Union as part of the Competitiveness and Inclusion Program for SMEs in the Eastern Partnership countries.
Under the agreement, the international financial institution will provide the Bank with a synthetic loan in Azerbaijani manats (AZN), equivalent to 7.5 million USD, with a term of three years. The funds will support small and medium-sized enterprises (SMEs) adopting environmentally friendly technologies and production methods.
Notably, for the first time in the country, under this agreement, Bank Respublika’s clients will have the opportunity to receive a cashback of 10%–15% of the loan amount or the investment sum in energy-efficient modernization financed by the loan.
Francis Malige, Managing Director for Financial Institutions at the EBRD, said: "I’m happy to be here at COP29 in Baku, providing support for MSMEs with the EU and our trusted partner Bank Respublika. Together, we’re strengthening the foundations of a sustainable and inclusive economy in Azerbaijan."
Peter Michalko, Ambassador of the European Union to the Republic of Azerbaijan said said: "Micro, small and medium-sized enterprises have the potential to create jobs and drive economic growth and that is why this loan is an important achievement. The EU places a strong focus on supporting business - a key part of the implementation of the EU’s Economic and Investment Plan for Azerbaijan."
"For the second year in a row, we have been EBRD's top partner in trade financing, and we are pleased to begin cooperation in green technology. It is especially gratifying for us, as this agreement was signed at COP29 held in our country. Like previous EBRD loans, this loan will support Azerbaijani entrepreneurs, helping them to grow their businesses by adopting eco-friendly technologies. We deeply value our partnership with EBRD—a leading global financial institution and a pioneer in green economy financing—and we appreciate their support," noted Tariel Ismayilov, Chairman of the Management Board of Bank Respublika.
For more detailed information, please visit the official website of the bank, check the bank’s pages on Facebook, Instagram, and LinkedIn, or contact the Bank’s Call Center at 144.
