Friday, November 16 2012 16:08

Arminfo. ARARATBANK and Green for Growth Fund (GGF) have signed a contract for $5 mln on crediting of the energy saving projects, Chairman of ARARATBANK Board, Ashot Osipyan, said at today's press-conference. He said that these funds will be directed by the bank to crediting of effective using of electric power by companies as well as private households and individual persons - clients of the bank. The credits given within the frames of this programme will make it possible to save at least 20% of initial energy in an equivalent - 19,580 megawatt of annual saving of energy.

"Within the frames of partnership with GGF, ARARATBANK will also get an important technical assistance, which will give an opportunity to introduce new technologies and instruments at the Armenian market for crediting of the energy saving projects", - Osipyan said.

For his part, a member of the GGF Council, Mikhail Morshel, said that ARARATBANK is a reliable partner for crediting of the alternative energy and added that a wide geographic coverage of the bank will allow the GGF to maximally raise its availability for the functioning regional enterprises and economics.

Green for Growth Fund was founded in 2009 by the German KfW Entwicklungsbank and European Investment Bank under the financial support of EBRD. The purpose of the Fund is to encourage effective using of energy, to use renewable energy in south-eastern Europe and neighboring states.