Loans For Construction Of Small Hydropower Plants Provided In Armeni

LOANS FOR CONSTRUCTION OF SMALL HYDROPOWER PLANTS PROVIDED IN ARMENIA

Noyan Tapan
Dec 12 2006

YEREVAN, DECEMBER 12, NOYAN TAPAN. The Cascade Credit Bank has already
approved the program of constructing two small hydropower plants in
Armenia under the renewable energy program. Tamara Babayan, Director of
the Renewable Energy and Energy Saving Fund, told reporters on December
12 that for the purpose of constructiing small hydropower plants in
Armenia the World Bank gave a $5 million credit to Cascade Credit
Bank, which in its turn will provide a libor plus 7.5% interest rate
to a hydropower plant builder. Besides, 3 million USD was invested
by Cascade Credit and 7 million USD – by the European Bank for
Reconstruction and Development (EBRD) for this purpose. According
to T. Babayan, loans are provided for 8 years, the maxumum amount –
1 million USD, and the builder must invest 30% of the program’s total
cost. It was mentioned that the bids received already exceed threefold
the total amount of the credit.

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS