IDBank will help to increase energy efficiency and expand the use of alternative energy.

With the “Energy” loan, SMEs will have the opportunity to receive up to AMD 500 million, and in some cases – up to AMD 1 billion in credit means, which can be used to purchase modern energy-efficient equipment and machinery, to construct infrastructures and to invest into projects that use renewable energy.

The bank said the loan can be requested by micro, small and medium enterprises, as well as individual farmers, operating in Armenia.

The loan is aimed at developing alternative energy use in the Armenian economy and increasing business efficiency, thus allowing SMEs to receive more at a minimal cost.

According to the Corporate Business Director of IDBank Tigran Mkhitaryan, the total amount of funds provided by KfW Bank within the framework of the current program is EUR 15,000,000.

“Attaching importance to the environmental issues, IDBank has decided to join the second phase of the “Energy Efficiency for SMEs” program to make investments in energy-efficient systems more affordable. In other words, the business entities operating in the Republic of Armenia, which import, produce or use energy-efficient equipment, can use affordable credit means, increasing business productivity, while reducing costs and making their activities more profitable,” said Tigran Mkhitaryan.

The bank provides loans starting from AMD 5 million, for a maximum period of 60 months, and with annual interest rate starting from 8.89%.

IDBank is controlled by the Central Bank of RA.