Cooperation agreement signed between AERA and Expressbank OJSC

Cooperation agreement signed between AERA and Expressbank OJSC Cooperation agreement signed between AERA and Expressbank OJSC https://innews.az/en/news/id-60282

A cooperation agreement has been signed between the Azerbaijan Energy Regulatory Agency (AERA) and Expressbank OJSC regarding the issuance of preferential loans from the Energy Efficiency Fund through an authorized credit organization.

The agreement was signed by Samir Akhundov, Chairman of the Board of AERA, and Mehman Mammadov, Chairman of the Board of Expressbank OJSC.

Thus, AERA and Expressbank OJSC have reached an agreement on the issuance of preferential loans from the Fund to encourage energy efficiency measures, including the terms of preferential loans, accounting procedures, monitoring of intended use, repayment, and the accountability of the authorized credit institution to the Agency.

During the event, Samir Akhundov stated that the preferential loans to be issued through cooperation with banks to promote energy efficiency measures are extremely beneficial and provide important support for those implementing energy efficiency projects.

In his turn, Mehman Mammadov spoke about the importance of implementing energy efficiency projects through the opportunities created by the Fund, and pointed to the broad future prospects of the cooperation based on the signed agreement.

The Energy Efficiency Fund was established by Decree of President Ilham Aliyev, dated March 1, 2024. Its funds are managed by the Azerbaijan Energy Regulatory Agency.