EBRD provided funding for energy efficiency in Azerbaijan

The European Bank for Reconstruction and Development (EBRD) has provided $ 5 million as loans to local JSC DemirBank for financing energy efficiency.

According to the report of the company, the funds allocated under the program "Energy Efficiency of the Caucasus" and will be used to finance local businesses and individuals for the purchase of more efficient process equipment, materials and appliances that will save energy costs in homes and businesses.

EBRD engaged consultants to support local businesses and households to provide technical advice on energy saving investments. This support will allow the industry, and homeowners make the transition from the use of inefficient and low-quality equipment and materials, to invest in more efficient and quality that will provide more benefits over the entire life cycle.

The EBRD is implemented with the support of a grant totaling 9.2 million euros. In this case, 4.6 million euros granted the EU and 4.6 million euros - Federal Ministry of Finance of Austria. These funds will be used to provide technical assistance and investment benefits to households.

DemirBank, is the first commercial bank in the country, started its operations in 1989. Among its shareholders are major international financial institutions such as the EBRD and the Netherlands Development Finance Company (FMO).

DemirBank ranks from Fitch Ratings at 'B' with a "stable" outlook and a Planet Rating at "B" with "positive" forecast. These ratings are among the highest in the banking sector of Azerbaijan.

Bank since the cooperation with Azerbaijan has allocated to fund 146 projects in various sectors of the economy $ 2.5 billion. One of the main tasks of the Bank is to ensure sustainable development of the non-oil sector in Azerbaijan by investing in small and medium private enterprises. -- 17D-

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