Yerevan, October 19. /Mediamax/. European Bank for Reconstruction and Development (EBRD) provided “Anelik Bank” with a loan at the volume of USD 3mln for financing energy efficiency programs.

Mediamax reports that the corresponding agreement was signed by EBRD Yerevan Office Director Valeriu Razlog and Chairman of “Anelik Bank” Board of Directors Samvel Chzmachyan on October 18 in Yerevan.

Within the framework of the crediting program, financing will be provided to small HPPs, renewable energy objects, as well as other production enterprises, which will implement energy efficiency systems in their enterprises, the fact providing for improvement of the territory, modernization of production means, efficiency increase in systems of heating, illumination, conditioning.

Samvel Chzmachyan noted that the annual financing rates under this program will not exceed 13%, the maximum volume of the credit may make USD 2.5mln, and the repayment term – up to 5 years. Crediting on this program is to be launched on October 19. Companies, which wish to receive a credit in order to introduce energy efficiency systems in their companies, will also receive the necessary technical assistance.

Valeriu Razlog, in his turn, noted by this program, EBRD aims at contributing to increase of competitiveness among Armenian companies. 

Head on EBRD Energy Efficiency Crediting Programs Walid Fayad informed that the total cost of EBRD Energy Efficiency program on Armenia makes USD 20mln, and at present the European bank is in process of negotiations with Armenian banks on placing the remaining USD 17mln.