Yerevan /Mediamax/. International Finance Corporation (IFC) provided “Ameriabank” with a loan at the volume of $15mln for funding renewable energy.

Mediamax reports that the agreement was signed by the Chairman of “Ameriabank” Board of Directors Artak Anesyan and IFC Regional Director for the Caucasus Thomas Lubeck in Yerevan today.

Artak Anesyan stated that IFC’s funding will provide “Ameriabank” with the opportunity to make more competitive offers on crediting hydropower engineering. Credits will be issued for the term of 8 years with a three-year period of grace and the annual interest rate will make 10-12%.

At the moment, “Ameriabank” has received 8 applications from energy sector companies to receive credits at the total volume of about $12.5mln, two of which are already approved and partially funded at the expense of the bank’s own means.

“In the nearest future, we intend to attract $10mln more for funding renewable energy”, Artak Anesyan stated.

Thomas Lubeck informed that the agreement, signed with “Ameriabank”, is a part of a larger strategy of IFC on reducing atmospheric emissions of hotbed gases. Due to the program, the annual atmospheric emissions of carbonic acid will be reduced for 30 thousand tons in Armenia.