KfW establishes revolver fund for bank financing of projects on renewable energy in Azerbaijan
Baku, Fineko/abc.az. Azerbaijan prepares to receive an external donor to finance works to develop application of renewable and alternative energy sources.
Informed sources said that arrangement on the start of financing by the German Development Bank KfW the projects in the sphere of application of renewable and alternative energy sources was achieved in the Azerbaijan-German consultations for economic cooperation, held in December.
“For this purpose, KfW plans to bring over ? 15 million euro in special revolver fund to provide funds to local banks to finance these projects,” a source said.
From 2010, the State Oil Fund of Azerbaijan (SOFAZ) plans to finance projects in the sphere of application of renewable and alternative energy sources and the Azerbaijan Investment Company (AIC) has already chosen such projects for financing.
Earlier, the state provided funds to appraise works in this sphere, and the Agency for Renewable and Alternative Energy Sources was set up at the Ministry of Industry and Energetic. At the same time, the country is the net exporter of oil, gas and electric energy.
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