Ardshinbank and the OPEC Fund for International Development (OFID) signed a USD 10 million loan agreement in Vienna, March 31, 2015.

The new facility will be used for financing the construction and operation of small-scale hydropower plants (SHPPs), run by small- and medium enterprises.

“I do highly appreciate the fact that the funds extended by OFID will contribute to the development of the Armenian energy sector, by facilitating greatly the access to long-term funding for SMEs. This agreement is yet another proof of successful cooperation between OFID and Ardshinbank, which, I have no doubt, will be of mutual benefit and has sound development prospects,” said Chairman of the Management Board of Ardshinbank Mher Grigoryan.

“During my visits to Armenia I was convinced of the importance of the energy sector there. I am delighted to have this opportunity to contribute to the development of the renewable energy through promotion of small scale hydropower projects,” said Director-General of the OPEC Fund for International Development Suleiman Jasir Al-Herbish.

The Bank and the Fund have been cooperating since 2010, and the total volume funds under management have reached USD 20 million, following the signing of this agreement.  

The OPEC Fund for International Development (OFID) was established by the Member States of OPEC in 1976 to contribute to the economic and social development and provide financial support to the developing countries.