Azerbaijan's AccessBank takes out $7.5 mln loan with Luxembourg fund for 'green' projects

BAKU. Oct 10 (Interfax) - Luxembourg's Global Climate Partnership Fund S.A. (GCPF) has loaned $7.5 million to Azerbaijan's AccessBank to fund energy efficiency and renewable energy projects in the country's micro, small and medium-sized business segment, the bank reported.

"This marks the second tranche of cooperation with GCPF, following the first attracted in December 2023, ahead of COP29 in Baku, which was successfully utilized to support green projects. The new, larger tranche continues Azerbaijan's green agenda and strengthens AccessBank's role in promoting clean energy and sustainable practices," the press release reads.

As reported, GCPF granted AccessBank a loan of $5 million at the end of 2023 to support the same goals.

AccessBank has been operating in Azerbaijan since 2002. Its shareholders are all foreign banks and financial institutions. It is currently one of the country's leading banks within the microfinancing segment.

GCPF, under the management of responsAbility Investments AG, was founded in 2009 by the German Federal Ministry for the Environment, Climate Action, Nature Conservation and Nuclear Safety, KfW Entwicklungsbank and the International Finance Corporation in order to support projects related to climate change, renewable energy and energy efficiency. The organization provides funding in the form of direct investments in specific projects or via local financial institutions.