Crediting of alternative energy in small- and medium-size business to begin in Azerbaijan

On May 20, 2013 the Board of Directors of the International Financial Corporation (IFC) is ready to approve a credit for Bank of Republic to fund the project of energy efficiency and stimulation of alternative energy use in small- and medium-size business.

According to the sources from the bank, IFC will provide $14 million out of total cost of the project of $15 million and $1 million will be allotted by Canada Climate Change Program.

IFC did not have such a crediting in Azerbaijan before. In 2013 European Bank for Reconstruction and Development (EBRD) provided the first such a credit to Access Bank, in which EBRD has its share.

The international organizations have repeatedly tried to involve Azerbaijani private sector into development of alternative power. The state monopoly in this business is very strong and the issues of distribution and transportation of electricity generated from alternative energy have not been solved at the governmental level yet.-0--