Thursday, January 9 2020 10:44
Alina Hovhannisyan

Armswissbank launched the 2nd phase of the KfW program "Energy  Efficiency for SMEs"

Armswissbank launched the 2nd phase of the KfW program "Energy  Efficiency for SMEs"

ArmInfo. Armswissbank, within the framework of a loan agreement concluded with the Central Bank of Armenia, has launched the second phase of the German  development bank KfW loan program "Energy Efficiency for SMEs".

As ArmInfo was explained in the press service of Armswissbank,  program financing will be aimed at stimulating the use of alternative  energy sources by SMEs and increasing energy efficiency. The program  provides an opportunity for business entities to invest in the  acquisition of highly efficient equipment and technologies, as well  as in the development of infrastructures.

Control and administration of the program will be carried out by the  Office of the German-Armenian Fund Program Management.

It is noteworthy that financing energy efficiency and renewable  energy is one of the strategic directions of Armswissbank. In this  area, the bank began financing since 2006, starting with small  hydropower projects.  Participating in credit programs of a number of  international financial institutions, including KfW and EBRD, aimed  at energy efficiency and renewable energy, Armswissbank, implementing  many projects, has achieved significant results. In particular, over  the past year and a half, Armswissbank has funded about 50 projects  for the construction of solar stations, including two of the largest  industrial importance currently operating in Armenia. In addition,  with financial assistance from the bank, dozens of companies have  introduced ultra-modern and energy-saving equipment to effectively  organize their daily activities.  , - noted in the source.

It should be noted that KfW is one of the major donors of Armenia.  Over the past 20 years, KfW's investments exceeded 510 million euros  in more than 15 programs, including in the field of SMEs, the  agricultural sector, the energy sector, the environment and in the  financial and banking sector. Armenia's external debt to the Bank by  January 1, 2019 reached $ 343.2 million (6.2% of the total external  debt of the Republic of Armenia), having increased by 16% over the  year.

Recall that Armswissbank CJSC was established on October 7, 2004. As  of January 1, 2020, a 87,53% stake in Armswissbank is owned by HVS Holding LLC, 12,47% -  “FMTM Distribution” LTD. It is worth noting  that Armswissbank is a member of a number of international credit  programs for renewable energy and financing of energy- efficient  projects. 

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