The Azerbaijan Energy Regulatory Agency (AERA) and Ziraat Bank Azerbaijan OJSC have signed a cooperation agreement on 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 Selçuk Demir, Chairman of the Board of Ziraat Bank Azerbaijan 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.

Speaking about the operations of the Energy Efficiency Fund, Samir Akhundov stated that preferential loans are intended to be issued through authorized credit institutions to encourage energy efficiency measures. Pointing out that cooperation agreements have been signed with the country’s leading banks, Samir Akhundov expressed his satisfaction with the development of relations.

Selçuk Demir provided information about Ziraat Bank Azerbaijan, as well as the bank’s history and activities. He noted that Turkey’s expertise in the banking system and sustainability is also being applied in Azerbaijan. Expressing interest in joint activities for the implementation of energy efficiency projects, Selçuk Demir noted that mutual cooperation would be beneficial in terms of exchange of experience.

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.