8 SMALL ARMENIAN HPPs ALREADY RECEIVE CREDITS BY WB RENEWABLE ENERGY PROGRAM

Noyan Tapan
Jul 03 2007

YEREVAN, JULY 3, NOYAN TAPAN. Eight small HPPs of Armenia have
received credits in the total amount of 1.2 mln USD by the World Bank’s
Renewable Energy program. As Noyan Tapan correspondent was informed
by Tamara Babayan, the Director of the Armenian Renewable Energy and
Energy Economy Fund, the credits are provided for not only building
of new HPPs, but also for increasing their capacities. In her words,
the credits are given with 12-14% interest rate and repayment term
of 7 years.

T. Babayan said that for implementation of the Renewable Energy
program, the WB has given 5 mln dollars to the Cascade Credit
credit organization, which, in its turn, finances those receiving
credits. Besides, for providing credits for the purpose of increasing
small HPPs’ capacities and building new ones, the organization has
taken a credit amounting to 7 mln dollars from the European Bank for
Reconstruction and Development and has received another 3 mln dollars
from the Cafesjian Family Foundation.

From: Emil Lazarian | Ararat NewsPress