Bank Respublika and FMO Sign Major Loan Agreement at COP29
Bank Respublika Secures Green Loan from the Dutch Development Bank
Baku, November 19, 2024. 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 Dutch Development Bank (FMO) signed a significant loan agreement to finance green projects in Azerbaijan.
According to the agreement, the international financial institution will provide the Bank with a loan in Azerbaijani manats (AZN), equivalent to 40 million USD, with a term of four years.
Notably, this is the first green loan allocated by FMO to an Azerbaijani bank. The loan will contribute to the country's efforts to reduce greenhouse gas emissions by 40% by 2035.
Michael Jongeneel, CEO at FMO, commented: “We are very excited to continue our partnership with Bank Respublika with a green loan. This investment marks a pivotal step in promoting green finance in Azerbaijan. We thank Bank Respublika for their trust and willingness to We look forward to seeing the positive impact of these funds on the local economy and the environment.”
"First and foremost, I would like to emphasize that we are very pleased to sign this agreement during COP29, which is being held in Azerbaijan. It demonstrates our commitment to combating climate change and supporting sustainable development. The signing of such a substantial agreement with our long-standing and important partner, FMO, underscores the trust in Bank Respublika as a reliable financial institution and highlights our readiness to support entrepreneurs in growing their businesses with eco-friendly technologies. We thank our partners for their cooperation and are confident that this agreement will enhance opportunities to promote green business projects in the country", - noted Tariyel 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. ®
Finance
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In December 2024, the State Customs Committee (SCC) transferred 646.45 million manat to the state budget, the SCC’s website. According to the data, this is a 4.4% increase compared to the same period in 2023. In particular, last year, customs duty revenues increased by 20.2% to 158.2 million manat, while VAT (Value Added Tax) revenues decreased by 0.45% to 463.5 million manat. Excise tax revenues increased by 6.2% to 19.55 million manat, and road tax revenues increased by 45.9%, amounting to 5.2 million manat.
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An auction for the placement of interest-bearing, unsecured, undocumented, registered bonds of the non-bank credit organization (NBCO) Embafinans with the code AZ2013020600 ISIN, worth 2 million manat for a one-year term, was held at the Baku Stock Exchange (BSE), the BSE reported.
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Zarifa Hamzaeva, the owner of 84.5% of Premiumbank's shares, has passed away, the Bank reported. She was also the wife of Jahangir Askerov, the founder and president of Gazelly Group, the leading cosmetics manufacturer in the country, and the former head of Azerbaijan Airlines (AZAL) (dismissed in September 2023).
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In 2024, nominal income of Azerbaijan's population totalled AZN 83,093.4 million.
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