AMERIABANK TO PROVIDE LOANS FOR RENEWABLE ENERGY SOURCES

PanARMENIAN.Net
13.10.2009 14:17 GMT+04:00

/PanARMENIAN.Net/ In the last quarter of 2009, Ameriabank plans
to launch new loans for renewable energy sources in Armenia,
Ameriabank’s corporate banking director Levon Arevshatyan told
journalists Tuesday. "The new loan program in the sphere of renewable
energy shows that the bank is making its investment in country’s
private sector development and enhancement of economy on the whole,"
Arevshatyan said, adding that bank had already concluded agreement
with international organizations for providing credit in the amount
of USD 20 million. Loans will be paid for the term of 8 years, with
3 years’ grace period. Interest rate comprises 11%.

New loan program, Arevshatyan said, will help fund small hydro-power
stations which need reconstruction and expansion, as well as wind power
mills. According to corporate banking director, Armenia already has a
highly developed infrastructure of hydro power plants, but windmills
cannot be said to be equally developed considering Armenia’s geographic
peculiarities (mountainous areas with no plains). At the same time, he
added, that environmental protection is international organizations’
requirement within the frames of projects the bank collaborates
with. Â"Ameriabnak will be the first Armenian bank to introduce the
new environmental risk assessment system,Â" he noted, adding that
development of renewable energy would help replace traditional energy
sources, producing a positive environmental impact on country level.