Expert: Commercial banks of Armenia spent $ 180 million on projects in the field of renewable energy are not fully usedc

ArmInfo. Commercial banks of  Armenia have already accumulated $ 180 million to implement projects  in the field of renewable energy, but they are not fully used. On  November 8, the national expert of the EU4Energy project of the  Energy Charter Astghine Pasoyan told the ArmInfo news agency on the  margins of the forum that opened in Yerevan on the potential of  Armenia in the energy sector. The forum is organized by the Ministry  of Energy Infrastructures and Natural Resources of the Republic of  Armenia, the delegation of the European Union in Armenia and the  Energy Charter.

According to Astghine Pasoyan, often banks themselves can not decide  on the direction of lending - whether to provide financial resources  to communities or condominiums. There is also the problem of  financial accessibility of financial resources, especially in the  area of refinancing of loan funds, as well as loans that are  currently unavailable for residents of apartment buildings due to  high interest rates. These and other problems do not yet allow us to  speak about the mass nature of the process.  The purpose of the  forum, continued Astghina Pasoyan, is to identify these problems,  develop recommendations that will be submitted to the government of  Armenia, international financial institutions and donor countries.  According to her, currently there is a state energy conservation  program, in which the issue of insulation of apartment buildings  occupies one priority place. In general, the potential for energy  saving, which is huge, ranges from 30 to 50 percent. But for this it  is necessary to solve existing problems, including legislative ones.  "It is important that the laws work in the field," the national  expert noted, pointing out also the need to use institutional  capacities and train specialists.

It should be noted that the Climate Investment Fund for the  development of alternative energy provided Armenia $ 28 million, of  which $ 2 million is a grant and $ 26 million is a loan. The loan  terms are soft - 0.25% per annum with a maturity of 40 years and a  grace period for payments in the first 20 years. Grant funds are  directed to the study of localities and buildings, the development of  a feasibility study for the project, designed for an alternative and  renewable energy station with a total capacity of 100-120 MW.

According to the October issue of the "Rates and Rates of Banks of  Armenia" bulletin, prepared by IA ArmInfo, 10 banks provide  energy-efficient mortgage loans from 17 banks operating in the  Armenian market. The annual interest rate on such loans fluctuates  between 11-13%, and the maturity is 10-20 years.  These are  Ardshinbank, Converse Bank, Araratbank, Armbusinessbank, ACBA-Credit  Agricole Bank, INECOBANK, Armeconombank, Armswissbank, Anelik Bank  and Unibank.