MORE THAN 2000 CITIZENS RECEIVE CREDITS FOR HEATING SYSTEMS RESTORATION IN BLOCKS OF FLATS

Noyan Tapan
Jul 03 2007

YEREVAN, JULY 3, NOYAN TAPAN. Currently the Cascade, Ardshininvest,
ACBA Credit Agricole Armenian banks can receive credits from the
World Bank for restoring Armenia’s town heating systems. The ACBA
Credit Agricole Bank has already given credits to more than 2000
citizens. The credits’ interest rate is 24%, repayment term is 3
years. As Noyan Tapan correspondent was informed by Tamara Babayan,
the Director of the Armenian Renewable Energy and Energy Economy
Fund, at present they discuss the issue of making some changes in
the criteria of choosing banks-participants of the program with the
World Bank, which will help involve more banks in the program.

T. Babayan said that the WB gives a credit in the total amount of
4.2 mln dollars, for 7 years’ term, at the interest rate of 1% plus
libor. The banks, in their turn, give that money to private companies,
condominiums and other structures at some interest rates.