The Green for Growth Fund, Southeast Europe (GGF) made its first investment in Azerbaijan with a USD 15 million energy efficiency senior loan to AccessBank, a specialized microfinance bank. This loan will enable AccessBank to expand its lending capabilities and provide energy efficiency (EE) financing to micro, small, and medium enterprises (MSMEs) throughout Azerbaijan. It will increase the bank’s long-term financing capacities and will enable its customers to invest in much needed EE upgrades of equipment and machinery as well as in improved insulation.
"We are delighted to launch our work in Azerbaijan with the market leader in MSME financing. As AccessBank is clearly focused on this sector, this investment will quickly have an impact on the energy consumption of this country," said Christopher Knowles, Chairman of the Green for Growth Fund, Southeast Europe. "We see particular opportunities for equipment and machinery investment by micro, small, and medium enterprises (MSMEs)", commented Kenan Agayev, Executive Director of AccessBank for SME lending/corporate services on the transaction.