In the last quarter of 2009, Ameriabank plans to launch new loans for renewable energy sources in Armenia, Ameriabank’s corporate banking director Levon Arevshatyan told journalists Tuesday. “The new loan program in the sphere of renewable energy shows that the bank is making its investment in country’s private sector development and enhancement of economy on the whole,” Arevshatyan said, adding that bank had already concluded agreement with international organizations for providing credit in the amount of USD 20 million. Loans will be paid for the term of 8 years, with 3 years’ grace period. Interest rate comprises 11%.
New loan program, Arevshatyan said, will help fund small hydro-power stations which need reconstruction and expansion, as well as wind power mills. According to corporate banking director, Armenia already has a highly developed infrastructure of hydro power plants, but windmills cannot be said to be equally developed considering Armenia’s geographic peculiarities (mountainous areas with no plains). At the same time, he added, that environmental protection is international organizations’ requirement within the frames of projects the bank collaborates with. «Ameriabnak will be the first Armenian bank to introduce the new environmental risk assessment system,» he noted, adding that development of renewable energy would help replace traditional energy sources, producing a positive environmental impact on country level.
