AMERIABANK TO START CREDITING CONSTRUCTION OF HYDROPOWER PLANTS AND WIND POWER STATIONS

Noyan Tapan
Nov 3, 2009

YEREVAN, OCTOBER 3, NOYAN TAPAN. Ameriabank will implement a program
of crediting construction work in the energy sector, in particular
the construction of hydropower plants and wind power stations. Levon
Arevshatian, Ameriabank’s Director of Services for Corporate Customers,
said during the November 3 presentation of the program that its total
cost is 20 million dollars. The program will start in a month and be
implemented jointly by several international organizations.

He said that the program is unprecedented in Armenia: the loans
will be given in dollars for quite a long period – 8 years, with a
three-year grace period, at an annual interest rate of 11-12%.

In the words of Ameriabank’s Director of Development Tigran Jrbashian,
the energy sector is quite interesting in terms of investment
reliability, risk management, and ensuring incomes. He noted that
the demand currently exceeds the supply, and the bank can meet one
third of the demand. Credits will be provided mainly to the projects
on construction of small hydropower plants.

Deputy Head of the Department of Advisory Services Karen Martirosian
said that in 2005-2006 when the renewable energy development programs
were launched, the bank became actively involved in that process and
has implemented numerous projects based on orders of the World Bank
and various state and private companies of Armenia.