IFC and Ameriabank sign a loan agreement for $15 million to fund renewable energy sphere

A. Hanesyan said Ameriabank Credit Committee has preliminarily approved 8 projects in the sphere of renewable energy. Two of the projects have been partially funded. The remaining business-plans are currently analyzed and will be approved for financing within 2-3 weeks, he said. The bank will approve $12-$12.5 million financing to the selected projects. Ameriabank is expecting additional $9 million from an international structure, Hanesyan said without naming it.

For his part, Thomas Lubeck expressed hope that the provided $15 million will be enough for building small HPPs of at least 20 MW capacity to reduce dioxide emission by 30,000 tons yearly. The agreement with Ameriabank is part of the extended strategic program of the IFC to fight global warming. The total budget of the program is $1 billion. Ameribank will on-lend funds as part of the given program for 8 years and at 10-12% annual interest and up to 3 years of grace period.