AccessBank will use the funds to finance the renovation of its new head office in Baku, making it the first energy efficient office building in Azerbaijan.

Baku, Finance Time. AccessBank has signed a USD 4.2 million loan contract today with the European Bank for Reconstruction and Development (EBRD) to finance the renovation of its new headquarters in Baku, implementing the most advanced energy efficiency technology.

The EBRD financing will cover thirty percent of the project cost while the remaining will be financed by AccessBank. Once refurbished, the headquarters will offer its 931 employees the first energy efficient (“green”) offices in Azerbaijan. The new system will cut energy consumption by 42%.

“We are pleased to expand our cooperation with AccessBank into this new and important area. We fully support the efforts of our clients to save energy and provide its employees and customers with such modern and energy efficient offices”, said Neil McKain, Head of EBRD office in Azerbaijan.

“This is a very important project for AccessBank. We strongly appreciate the support of our long-term partner EBRD providing part of the funding for the energy efficiency investments as well as technical assistance when developing the concept of renovating our new Head Office based on advanced energy efficiency technology”, commented Michael Hoffmann, CEO of AccessBank.

The loan is part of the EBRD’s Caucasus Energy Efficiency Programme (CEEP) launched in July 2007. The program offers credit lines for local partner-banks to invest in rational energy utilization.

Being the EBRD’s first energy efficiency project in Azerbaijan, it will use advanced energy technologies, (e.g. efficient HVAC systems, high grade thermal insulation, energy management system, etc.) setting high standards for sustainable building development in the residential and commercial property sectors.

To-date, the EBRD has signed 135 investments worth more than USD 1.52 billion in various sectors of the Azerbaijani economy. Investing in renewable and efficient energy sectors are one of the EBRD’s key priorities in Azerbaijan. In 2012, the EBRD signed 15 projects worth a total of €81 million in Azerbaijan.

AccessBank was established to provide access to financial services for Azerbaijan’s micro and small businesses and low and middle income households. AccessBank is recognized as the Most Reliable bank in Azerbaijan by Fitch International Ratings ('BB+ Outlook Stable’), and as “The Best Bank in Azerbaijan” by Global Finance (2011) and Euromoney (2012, 2011 and 2010) in their annual awards as well as “The Bank of the Year” by The Banker (2012, 2011) .AccessBank is 100% foreign owned by six shareholders, consisting of: the European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank – the Development Bank of the German Government (20% per each), Access Microfinance Holding acting in microfinance field as a strategic investor (16.5%), and LFS Financial Systems GmbH – a German consulting company (3.5%).