Baku, Azerbaijan, July 29, 2013—
IFC, a member of the World Bank Group, is supporting Bank Respublika as it ramps up financing for companies investing in energy saving technologies, part of an effort to boost the efficiency and competitiveness of Azerbaijani businesses and combat climate change.
IFC signed an agreement with Bank Respublika today to assist the bank in developing new products in the emerging field of energy efficiency financing. IFC will also provide special training to bank staff on assessing energy efficiency projects and raise awareness about new opportunities in the market.
“Bank Respublika has had a positive experience working with IFC since 2007,” said Khadija Hasanova, Chairperson of the Executive Board of Bank Respublika. “We are particularly interested in working together in a new field, which may give us an opportunity to offer new banking products to the market. We believe this will contribute to raising awareness about energy efficiency among customers.”
Earlier this year, Bank Respublika signed an agreement with IFC on a credit line dedicated to energy efficiency.
“Promoting energy efficiency is part of IFC's global efforts to tackle climate change,” said Aliya Azimova, IFC Country Representative in Azerbaijan. “Our cooperation with Bank Respublika aims to showcase that sustainable energy finance is good business for financial institutions as well as their borrowers. It provides opportunities to switch to modern technologies, reduce energy-related costs, improve efficiency, and boost competitiveness.”
The project is part of IFC’s Sustainable Energy Finance Program in Europe and Central Asia, which is supported with funds from the Austrian Ministry of Finance.
Azerbaijan became a member of IFC in 1995. Since then, IFC has invested almost $393 million in the country and mobilized nearly $73 million from other lenders. The investments cover 67 projects in the financial services, infrastructure, and manufacturing sectors. IFC has also implemented advisory projects focused on private sector development. In addition, the State Oil Fund of the Republic of Azerbaijan has committed $350 million to three funds managed by IFC Asset Management Company, which invest alongside IFC in private sector projects in emerging markets.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit