EBRD approves first energy efficiency loan in Azerbaijan
The European Bank for Reconstruction and Development (EBRD) has approved its first loan to improve energy efficiency in Azerbaijan, the bank's statement released on Tuesday said.
A loan of $ 4.2 million, approved by the bank in late January, will be sent to the reconstruction of the Azerbaijani AccessBank's headquarters in line with the principles of energy efficiency. The project cost is $13.8 million.
AccessBank is second among the private banks of Azerbaijan in terms of profitability and has the sixth largest loan portfolio in the country.
AccessBank was established to provide access to financial services for Azerbaijan's micro and small businesses and low and middle income households.
AccessBank is wholly owned by six foreign shareholders comprising the European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank - the Development Bank of the German Government (20 per cent each), Access Microfinance Holding acting in the microfinance field as a strategic investor (16.5 per cent) and LFS Financial Systems GmbH - a German consulting company (3.5 per cent).