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 www.ifc.org.
For more information about Bank Respublika,
For more information about the Ministry
of Finance of Austria, visit: http://english.bmf.gv.at