A London-based bank is providing $3 million (£1.8m) for energy efficiency and renewable energy projects in Azerbaijan.

Muganbank will lend the cash to households and businesses to finance green and energy-saving projects such as double-glazed windows, solar water heaters, insulation and roof-top solar installations.

Neil McKain, the European Bank for Reconstruction and Development’s (EBRD) Head of Office in Baku said: “This credit facility is a new product for Muganbank as well as for the market in general and therefore will mark a new phase in our longstanding relationship. We are delighted to support Muganbank further with this credit facility that will help us reach diverse sectors and customers.”

The Bank has so far invested $2.5 billion (£1.5bn) across various sectors of the Azerbaijani economy.