Azerbaijan's DemirBank will receive a $5 million loan from the European Bank for Reconstruction and Development (EBRD) to finance energy efficiency projects in the country.
The loan facility will allow for on-lending to qualifying corporate and individual customers for industrial and residential energy efficiency projects and equipment. It will allow DemirBank to aid local entrepreneurs and households in the acquisition and installation of more effect equipment, appliances and materials, including double-glazed windows, insulation, gas boilers, solar water heaters and rooftop solar panels.
Additionally, the funds will aid clients in reducing their energy bills and making their businesses and homes more cost-efficient.
"Due to its large oil and natural gas resources and subsidized energy tariffs, Azerbaijan has a very low penetration rate of energy efficient technologies in its production facilities and residential sector," Neil McKain, the head of the EBRD's Baku office, said. "This means that there is a wide range of energy efficiency opportunities in which the local financial sector and the EBRD have a crucial role to play. We are delighted to support DemirBank to further boost investment in renewable energy and energy efficiency in the country."
The $5 million loan comes as part of the EBRD's Caucasus Energy Efficiency Program that provides loans to local partner institutions to finance industrial and residential energy efficiency improvements, promote energy savings and help reduce greenhouse gas emissions.
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