GGF and MugaBank team up to promote energy efficiency in Azerbaijan

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The Green Growth Fund Southeastern Europe (GGF) and Azerbaijan-based MugaBank have announced the launch of a $5m senior loan enabling MugaBank to issue loans to energy-efficient businesses.

The loans will allow to facilitate investments in EE measures for micro, small and medium enterprises (MSMEs) and households, GGF and MugaBank aim to achieve a projected primary energy savings to result from EE investments financed by sub-loans: 8,700 MWh/year.

“In addition to the GGF’s investment, the GGF Technical Assistance Facility will support the bank in building up expertise in EE products and raising energy awareness among MuganBank’s client base,” said Christopher Knowles, chairman of the Green for Growth Fund, Southeast Europe.

The GGF was initiated as a public-private partnership in December 2009 by the KfW Development Bank (KfW) and the European Investment Bank (EIB) with the financial support of the European Commission, the German Federal Ministry for Economic Cooperation and Development (BMZ), and the European Bank for Reconstruction and Development (EBRD).

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