The European Bank for Reconstruction and Development (EBRD) has allotted a credit worth $3 million to Muganbank to fund the projects in field of energy efficiency in Azerbaijan, reads the information posted on the EBRD web site on Wednesday.
The same source reported that the credit allotted as a part of the “Energy Efficiency of the Caucasus” program will be used to fund private sector to support innovations in field of energy efficiency of commercial and residential sectors as well as the projects in field of renewable sources of energy.
Muganbank has become the third EBRD partner in Azerbaijan in this field. In March 2013 EBRD allotted credit worth $4.2 million for the energy efficiency program to Access Bank and in September 2014 it signed a credit agreement to the amount of $5 million with DemirBank.—0—
Economics
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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Global diesel prices and refining margins have spiked following the latest U.S. sanctions targeting Russian oil trade, as markets brace for reduced supply, analysts and LSEG data indicate.
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Azerbaijani President Ilham Aliyev hosted Georgian Prime Minister Irakli Kobakhidze on Friday for high-level talks aimed at further developing the strategic partnership between the two neighboring countries in the South Caucasus.
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