A cooperation agreement has been signed between the Azerbaijan Energy Regulatory Agency (AERA) and TuranBank OJSC on the provision of preferential loans through an authorized credit institution using the resources of the Energy Efficiency Fund.
The agreement was signed by Chairman of the Management Board of TuranBank OJSC, Orkhan Garayev, and Deputy Chairman of the Management Board of AERA, Rovshan Ismayilov.
The primary objective of the agreement is to promote the implementation of energy efficiency measures through cooperation with the Bank, utilizing the Fund’s resources, and to facilitate the provision of preferential loans in this area.
Rovshan Ismayilov provided information about the Fund and emphasized the importance of energy efficiency initiatives in today’s context. He noted that cooperation agreements have already been signed with leading banks in the country and highlighted the strong potential for further collaboration within this framework.
Chairman of the Management Board of TuranBank OJSC, Orkhan Garayev, stated:
“As TuranBank, we have extensive experience in cooperating with both local and international funds. This partnership with the Energy Efficiency Fund will create new and significant opportunities for financing energy efficiency projects in our country. We believe that channeling these funds into the real sector through our extensive branch network will contribute to the sustainable development of the economy.”
It should be noted that the Energy Efficiency Fund was established by a decree of the President of the Republic of Azerbaijan, Ilham Aliyev, dated March 1, 2024. The Fund is managed by the Azerbaijan Energy Regulatory Agency (AERA), which was established by a presidential decree dated December 22, 2017, as a public legal entity under the Ministry of Energy.
Operating since 1992, TuranBank serves both individual and corporate clients through its 22 service outlets. More detailed information about the Bank’s new services can be obtained by visiting its official website or following its social media pages (Facebook, Instagram, etc.).
