OREANDA-NEWS. The European Bank for Reconstruction & Development (EBRD) has signed today in Baku an agreement on the first loan for Community Energy Efficiency Program (CEEP) for a private organization in Azerbaijan.

The loan agreement was signed by EBRD representative in Azerbaijan Neal McCain and AccessBank’s first deputy chairman of board Rufat Ismayilov.

Speaking at the signing ceremony AccessBank’s general manager Michael Hoffmann has said that credit facilities are raised to reduce the level of power consumption of the new head office of the Bank by 40%.

"In 2010, the Bank acquired business center Natavan Residence for use as a central office. In the process of developing the new office there appeared a need of its reconstruction. In this regard, with involvement of the EBRD specialists it was conducted an energy audit of the building and made the project of its energy efficiency increase. For these purposes the EBRD will give us a USD 4.2 million loan. The reconstruction work will begin almost immediately after the signing of the loan agreement," Hoffmann said.

In his turn, McCain stated that today’s loan is part of a large loan program of the EBRD  on financing the work of its clients and partners in the field of energy efficiency and sustainable energy supply.

The EBRD Board of Directors approved allocation of this loan for AccessBank Azerbaijan (ABAZ) in early February to finance the increase of energy efficiency of the new headquarters of ABAZ. The total cost of the project is USD 13.8 million.

The loan will be directed for application of low-emission glazing, electric automation system, using the heating/cooling system with variable use of cooling agents, the use of lighting-class T5, etc.