Bank Respublika and FMO Sign Major Loan Agreement at COP29

Bank Respublika Secures Green Loan from the Dutch Development Bank

During the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), Bank Respublika, one of the largest commercial banks in the country, and the Dutch Development Bank (FMO) signed a significant loan agreement to finance green projects in Azerbaijan.

According to the agreement, the international financial institution will provide the Bank with a loan in Azerbaijani manats (AZN), equivalent to 40 million USD, with a term of four years.

Notably, this is the first green loan allocated by FMO to an Azerbaijani bank. The loan will contribute to the country's efforts to reduce greenhouse gas emissions by 40% by 2035.

Michael Jongeneel, CEO at FMO, commented: "We are very excited to continue our partnership with Bank Respublika with a green loan. This investment marks a pivotal step in promoting green finance in Azerbaijan. We thank Bank Respublika for their trust and willingness to We look forward to seeing the positive impact of these funds on the local economy and the environment.”

 

"First and foremost, I would like to emphasize that we are very pleased to sign this agreement during COP29, which is being held in Azerbaijan. It demonstrates our commitment to combating climate change and supporting sustainable development. The signing of such a substantial agreement with our long-standing and important partner, FMO, underscores the trust in Bank Respublika as a reliable financial institution and highlights our readiness to support entrepreneurs in growing their businesses with eco-friendly technologies. We thank our partners for their cooperation and are confident that this agreement will enhance opportunities to promote green business projects in the country", - noted Tariyel Ismayilov, Chairman of the Management Board of Bank Respublika.