AccessBank and Global Climate Partnership Fund Launch Pioneering "Green Economy" Initiative in Azerbaijan
AccessBank, the leading bank for micro, small, and medium-sized enterprises (MSMEs) in Azerbaijan, and the Global Climate Partnership Fund S.A., managed by responsAbility Investments AG, have signed a senior unsecured loan agreement with the first committed tranche of AZN 8.5 million.
In accordance with the agreement, the loan proceeds will be directed to promote financing of energy efficiency and renewable energy projects of the MSME businesses in Azerbaijan. The five-year facility is provided with technical assistance and advisory support sponsored by the GCPF, which will be directed to develop AccessBank’s green lending capabilities and enable the deployment of the loan proceeds to eligible green projects.
“We are delighted to announce AccessBank's pioneering step in Azerbaijan by securing the inaugural borrowing from the Global Climate Partnership Fund S.A. This milestone reflects our commitment to sustainable finance, enabling us to further empower green initiatives and bolster environmental resilience in Azerbaijan” – claimed Davit Tsiklauri, Chairman of the Management Board of AccessBank.
“Azerbaijan’s commitment to accelerate its green economic transformation has led to the launch of several climate-friendly policy reforms, which are expected to contribute to country’s decarbonization path and economic diversification. AccessBank’s pioneering vision and commitment to scaling climate-positive lending solutions impressed us from the very first meeting. The bank’s strong positioning in the MSME segments provides a unique platform for catalyzing the deployment of renewable energy and energy efficiency investments across Azerbaijan. We look forward to providing GCPF’s tailor-made advisory and technical assistance in support of the bank’s green lending journey” – claimed David Diaz Formidoni, Head of Financial Institution Investments, Climate Finance at responsAbility Investments AG.
Building on this vision, AccessBank's collaboration with the Global Climate Partnership Fund (GCPF) plays a crucial role.
Source of the news: https://www.accessbank.az/en/private/news/602706#