Azerbaijan Sheds Light On Allocated Funds For Environmental Projects In Country

2025-09-29 09:06:04

(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 29. Azerbaijani banks have allocated 300 million manat ($176.4 million) in loans to support green projects, said Shahin Mahmudzade, Chief Executive of the Central Bank of Azerbaijan (CBA), Trend reports.

Speaking at the Baku Climate Action Week (BCAW2025), Mahmudzade highlighted that the banking sector had committed to a voluntary 2 billion manat ($1.1 billion) target by 2030, announced at COP29.

“This commitment supports green transition projects across Azerbaijan and demonstrates the banks' intention to finance renewable energy, sustainable infrastructure, and other environmentally friendly initiatives. According to the latest data, local banks have issued around 13,000 loans totaling around 300 million manat ($176.4 million) since the announcement,” he said.

Mahmudzade emphasized the long-term impact of these efforts.

“The green transition is a complex and lengthy journey, but the momentum we are creating today will have enduring effects. I believe this event and the initiatives being implemented will act as a catalyst for accelerating climate finance and building a greener, more prosperous Azerbaijan,” the official noted.

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