UNDER WORLD BANK PROGRAM, CREDITS ALREADY GIVEN TO 3,000 RESIDENTS FOR RESTORATION OF HEATING SYSTEMS OF BUILDINGS

Noyan Tapan
Dec 19, 2007

YEREVAN, DECEMBER 19, NOYAN TAPAN. Under the World Bank program
"Restoration of City Heating Systems in Armenia", Ardshininvest
Bank and ACBA Credit Agricole Bank have already given credits to
3,000 residents for the restoration of heating systems of houses
and 6 apartment buildings. NT correspondent was informed by the
director of Armenia’s Renewable Energy and Energy Efficiency Fund
Tamara Babayan that in the initial period credits were provided to
residents at the annual interest rate of 24% for a 3-year period,
whereas now the interest rate has been reduced to 17%.

T. Babayan said that the World Bank has to provide credits of a total
of 4.2 million dollars at LIBOR + 1% interest rate with the repayment
period of 7 years to the above mentioned banks. The banks in their
turn give this sum at a certain interest rate to private companies,
condominiums, etc. According to T. Babayan, 10 banks provide credits
for restoration of heating systems in Armenia.