Bank Respublika and EBRD sign large loan agreement to support green economy in Azerbaijan

Bank Respublika, one of the largest commercial banks in the country, and the European Bank for Reconstruction and Development (EBRD) have signed a loan agreement to finance projects aimed at supporting the green economy in Azerbaijan.

The loan was provided in cooperation with the European Union within the European Fund for Sustainable Development Plus (EFSD+) programme. According to the agreement, the international financial institution will provide Bank Respublika with a synthetic loan in Azerbaijani manats (AZN) equivalent to USD 7.5 million with a tenor of 3 years.

The loan funds will be directed towards supporting small and medium-sized enterprises (SMEs) that are implementing environmentally friendly technologies and production methods. These include projects aimed at improving energy efficiency, utilizing renewable energy sources, minimizing waste, and reducing the carbon footprint.

The goal of this collaboration is to support sustainable development and facilitate the transition to a green economy in Azerbaijan. The loan will serve as an important resource for implementing environmental projects, improving business infrastructure, and encouraging businesses that are focused on environmentally responsible solutions.