EBRD TO LEND $20 MILLION TO ARMENIA FOR ENERGY-SAVING PROGRAMS

ARKA
Oct 6, 2009

YEREVAN, October 6. /ARKA/. European Bank for Reconstruction and
Development intends to open credit lines this year for energy-saving
programs, Valeriu Razlog, the head of the EBRD Yerevan office, said
Tuesday in an interview with ARKA News Agency.

He said the EBRD would lend $20 million for this purpose and another
$5 million for renewable energy projects.

The projects also imply installation of new conditioners as well as
heating and isolating systems.

The first stage targets industrial companies, not individuals.

Razlog said technical assistance would be provided to local banks to
prepare them for gauging importance of these projects.

Consultants will work with banks to assist them in estimating projects
and monitoring implementation.

Sizes of credits, interest rates and terms will depend on the
implementation of the project and will be set along with local banks
at market interest rates.

Terms can reach five or even more years. In his interview with ARKA
News Agency, the head of the EBRD Yerevan office also said that the
next year the bank would consider room for extending similar credits
to individuals.

He said if the first stage is successful, the EBRD will provide extra
financing for individuals for saving energy.

The European Bank for Reconstruction and Development has enlarged
investments intended for 43 programs in Armenia more than four t imes
for last four years to â~B¬125 million.

The portfolio planned for 2009 and 2010 for Armenian programs will
exceed 30 programs worth â~B¬180 million.

In 2009, the EBRD planned to lend â~B¬80 million against 63 million
a year earlier.