The Azerbaijan Energy Regulatory Agency (AERA) and Premium Bank OJSC have signed a cooperation agreement regarding the provision of preferential loans from the Energy Efficiency Fund through an authorized credit institution.

The agreement was signed by Samir Akhundov, Chairman of the Board of AERA, and Farhad Bakhshaliyev, Chairman of the Board of Premium Bank OJSC.

The parties agreed 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.

Informing about the Fund’s activities, Samir Akhundov noted that the issuance of preferential loans through authorized credit institutions is intended to promote the implementation of energy efficiency measures. He stated that cooperation agreements have already been signed with 12 leading banks in the country, and expressed confidence that the cooperation with Premium Bank OJSC in this direction will be successful.

Farhad Bakhshaliyev, in turn, spoke about the Bank’s activities and the development of mutual relations. He expressed confidence that the preferential loans to be provided from the Fund would contribute to the energy efficiency projects and that the signed agreement would help strengthen cooperation between the parties.

The Energy Efficiency Fund was established by the Decree of the President of the Republic of Azerbaijan Ilham Aliyev, dated March 1, 2024. Its funds are managed by the Azerbaijan Energy Regulatory Agency (AERA). AERA was established as a public legal entity under the Ministry of Energy by the Decree of the President of the Republic of Azerbaijan, dated December 22, 2017.