Muganbank receives US$ 3 million for Energy Efficiency Lending

13/10/2014

Muganbank is the new partner bank of Energocredit in Azerbaijan. With a total of US$ 3 million, Muganbank will finance energy efficiency projects in the country. The loans will be granted to corporate and individual customers.

Energocredit offers a triple benefit to the customers of Muganbank:

  • 10 or 15 % cash back on investments in energy efficient equipment and refurbishment
  • free, tailor-made advice of international experts for energy saving possibilities
  • a loan package for investments in energy efficiency at best conditions

Muganbank will be the EBRD’s third partner institution in Azerbaijan to secure an energy efficiency facility under the Caucasus Energy Efficiency Programme. The EBRD loan to Muganbank will be supported by grant funding from the European Union Neighbourhood Investment Facility, the EBRD Shareholder Special Fund and the Austrian Federal Ministry of Finance.

Muganbank, established in 1992, has a diversified customer base and a strong regional presence. It is a medium-sized bank – ranking 16th among Azerbaijani banks in terms of total assets – which offers a broad range of traditional commercial banking services for its corporate and retail clients. www.muganbank.az

Find more information on the cooperation in our press release:

http://www.ebrd.com/pages/news/press/2014/141001b.shtml