IFC to provide USD 15m for renewable energy projects in Azerbaijan

Apr 22, 2013 - International Finance Corp (IFC) will extend some USD 15 million (EUR 11.5m) in project financing to Azerbaijani Bank Respublika to back the development of renewable energy projects.

The private sector investor, part of the World Bank, said on its website this was the first time it would provide a loan for renewable energy facilities in Azerbaijan. The funding will also support energy efficiency projects, the lender added.

IFC will extend some USD 14 million in the form of a credit line, while the remaining USD 1 million will be gathered under the Canada Climate Change Programme -- a partnership between the Canadian government and IFC, aimed at promoting private sector financing for clean energy projects and fighting climate changes.

The funding will target small and medium-sized enterprises. It will be voted by IFC's board of directors on May 20.

(USD 1.0 = EUR 0.765)

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