TENDER FOR BANKS TO RECEIVE CREDITS FROM WORLD BANK TO BE HELD IN APRIL

YEREVAN, MARCH 17, NOYAN TAPAN. A tender will be held in April to
choose banks which will receive credits from the World Bank (WB) for
repairs of Armenia’s heating systems. Tamara Babayan, Director of
the Fund of Renewable Energy and Energy Saving of Armenia, told NT
correspondent that the WB will provide the chosen banks with a 4.2
mln dollar credit to be repayable over 7 years at an interest rate
of 6-7%. The banks in their turn will lend this money to private
companies, condominiums, etc. at certain interest rates. These
funds will be used to solve some problems with the heating systems
of apartment buildings. According to T. Babayan, the banks will
determine themselves the interest rates, which, in all likelihood,
will make 10-12% annually. It was noted that 10-12 banks and credit
organizations showed interest in participating in the tender. The
banks meeting certain criteria will be announced the tender winners.