Friday, February 26 2010 17:51

Ameriabank approves 6 business projects on financing renewable energy


ArmInfo. Within the frames of the IFC program on financing renewable energy, Ameriabank has already approved 6 business projects, and 12 more business projects are still being analyzed, Director for Development of Ameriabank Tigran Jrbashyan said at today's press-conference. According to him, Ameriabank envisages a total of $25 mln for the renewable energy sphere, most part of which is already placed.

To recall, in December 2009 Ameriabank concluded an agreement with International Finance Corporation on implementation of the program on financing renewable energy. Under the program, financing totalled $15 mln. Under the program, the bank will provide loans for a period of up to 8 years at low interest rates - starting from 11%. In addition, the bank has fixed a grace period of up to 3 years, over this period the borrowers will pay only the loan interest. Ameriabank is also expecting to receive 10 mln USD more from the German Investment and Development Company - DEG (member of KfW banking group).

According to Ameriabank, in Jan 2010 the bank's credit portfolio almost doubled as compared with Jan 2009 thanks to considerable growth (by 176%) in corporate loans and a bit smaller growth (by 130%) in retail loans. This ensured similar growth in the bank's assets, in the structure of which the share of provision of crediting made up 56,8%.
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