Tuesday, October 19 2010 10:32

Anelik Bank and EBRD sign 3 mln USD agreement on financing projects in energy saving sphere


ArmInfo. Anelik Bank and European Bank for Reconstruction and Development (EBRD) have signed an agreement on crediting energy saving projects. Under the agreement EBRD will provide Anelik Bank with 3 mln USD for 5 years. Chairman of Anelik Bank Board Samvel Chzmachyan and Head of EBRD Office in Yerevan Valeriu Razlog signed the document.

First Deputy Chairman of Anelik Bank Board Bagrat Chzmachyan said at the official ceremony of signing of the agreement that the bank is ready to finance any projects in the energy saving sphere. In particular, introduction of energy saving systems, modernization of energy saving equipment, introduction of heating systems with use of energy saving technologies and even acquisition of energy saving lamps.

Bagrat Chzmachyan said that the potential borrowers of the bank will be able to receive a loan with up to 5 years repayment period without any restrictions in loan amount, and the interest rates on loans will depend on the market conjuncture.

In Armenia this is EBRD's first loan on financing energy programs. According to Valeriu Razlog, the total budget of the given program is 20 mln USD. EBRD will provide technical support, within the frames of which specialists will analyze the investment projects in the energy saving sphere and help the enterprises to receive financing in Anelik Bank.

Anelik Bank was set up July 9 1990, registered Oct 1 1991 and licensed in Oct 1996. In mid 2009 Lebanese Credit Bank bought a 51% stake in the bank.

According to the Ranking of the Commercial Banks of Armenia prepared by the Agency of Rating Marketing Information (ArmInfo), July 1 2010 Anelik Bank's assets totalled 50.5bln AMD (9th place), 52% of which were loans. Over 80% of the bank's loan book were economy loans, of which 35% were industrial credits.
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