Bank Respublika and EBRD Sign Loan Agreement at COP29 to Finance Green Projects
19.11.2024 11:11
Bank Respublika and EBRD Offer Cashback to
Entrepreneurs Taking Green Loans!
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
European Bank for Reconstruction and Development (EBRD) signed a loan agreement
to finance green projects in Azerbaijan. The loan was provided in cooperation
with the European Union as part of the Competitiveness and Inclusion Program
for SMEs in the Eastern Partnership countries.
Notably, for the first time in
the country, under this agreement, Bank Respublika’s clients will have the
opportunity to receive a cashback of 10%–15% of the loan amount or the
investment sum in energy-efficient modernization financed by the loan.
Peter Michalko, Ambassador of the European Union to the Republic of
Azerbaijan said said: "Micro, small and medium-sized
enterprises have the potential to create jobs and drive economic growth and
that is why this loan is an important achievement. The EU places a strong focus
on supporting business - a key part of the implementation of the EU’s Economic
and Investment Plan for Azerbaijan.”
"For the second year in a row, we have been EBRD's top partner in
trade financing, and we are pleased to begin cooperation in green technology.
It is especially gratifying for us, as this agreement was signed at COP29 held
in our country. Like previous EBRD loans, this loan will support Azerbaijani
entrepreneurs, helping them to grow their businesses by adopting eco-friendly
technologies. We deeply value our partnership with EBRD—a leading global
financial institution and a pioneer in green economy financing—and we
appreciate their support," noted Tariel Ismayilov,
Chairman of the Management Board of Bank Respublika.
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