Tuesday, September 7 2010 20:17

Ameriabank approves financing of 10 business projects in renewable energy sector


ArmInfo. Ameriabank has approved 10 business projects in the renewable energy sector for financing as part of IFC project and Dutch-German Consortium FMO/DEG, Artak Hanesyan, Chairman of Directorate - Director General of Ameriabank told media on Tuesday.

He said the average loan provided by the bank as part of the given program will amount to $1.9 million and the designed capacity of the currently built HPPs is 28MW. The bank will further finance the energy sector and raise the necessary resources from international structures.

In December 2009 Ameriabank made an agreement with the IFC, a member of the World Bank Group, in the scope of which IFC will provide a $15 million senior loan to Ameriabank for renewable energy projects financing. The maturity of the loan is 8 years and the interest rate starts with 11%. The bank offers up to 3 years of grace period. Ameriabank will provide another $10 million for financing of renewable energy at the expense of the funds received by German DEG Corporation (part of KfW Group).
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