13 SMALL HYDROPOWER PLANTS OF ARMENIA ALREADY RECEIVE CREDITS OF 1.7 MILLION DOLLARS UNDER WORLD BANK "RENEWABLE ENERGY" PROGRAM

Noyan Tapan
Dec 19 2007

YEREVAN, DECEMBER 19, NOYAN TAPAN. 13 small hydropower plants of
Armenia have received credits of a total of 1.7 million dollars
under the World Bank’s program "Renewable Energy". NT correspondent
was informed by the director of Armenia’s Renewable Energy and Energy
Efficiency Fund Tamara Babayan that the credits are provided at 12-14%
interest rates for a 7-year period. According to her, these credits
are envisaged not only for construction of new hydropower plants but
also for increasing the capacities of the operating ones.

T. Babayan said that the World Bank has allocated 5 million
dollars to Cascade Credit organization for the implementation of the
"Renewable Energy" program, while Cascade Credit in its turn finances
borrowers. Besides, Cascade Credit has taken a 7 million-dollar credit
from the European Bank for Reconstruction and Development (EBRD)
with the aim of increasing the capacities of small hydropwer plants
and constructing new ones, while the Cafesjian Family Fondation has
received another 3 million dollars.