Yerevan/Mediamax/. European Bank for Reconstruction and Development (EBRD) announced today establishment of Armenian Sustainable Energy Financing Facility (ArmSEFF).

Mediamax reports that the Head of EBRD Yerevan office Velariu Razlog stated today that the facility is set up in order to finance programs on sustainable energy in Armenian enterprises via the banking sector. The sum, which the European bank will place in Armenian banks for those projects, will make USD 20mln, and in future they plan to replenish it by USD 5mln more.

Funding from the means of the Facility may be received both by entities of sustainable energy and by other production enterprises, which will install energy conservation systems at their enterprises. Companies, which want to receive a loan to install systems of energy conservation, will receive free of charge technical assistance, financed by the Ministry of Finance of Austria.

Valeriu Razlog noted that by this program EBRD aims at contributing to increase of competitiveness among Armenian companies, reduction of needs in electricity and atmospheric emission of hotbed gasses.

Head of EBRD Yerevan Office recalled that the first agreement (at the sum of USD 3mln) within the framework of the given program was signed with “Anelik Bank”. Chairman of the bank’s Board of Directors Samvel Chzmachyan noted while speaking at a news conference on October 18 after signing the agreement that the financing rates as to this program will not exceed 13% annual, the maximum volume of the credit may make USD 2.5mln, and the repayment term – up to 5 years.

Additional information on the facility is available at www.armseff.org.