Armenian Аmeriabank attracts $25 million from IFC and fmo-deg under programs on small hydro power plants
YEREVAN, September 7. /ARKA/. Armenian Ameriabank is now implementing programs focused on small hydro power plants.
The programs’ cost is $25 million. They are financed by International Finance Corporation (IFC) and FMO-DEG
“Ten loan applications had been approved on small hydro power plants of aggregate capacity of 28 megawatt,” Artak Hanesyan, the director general and chairman of Ameriabank’s directorial board,” said Tuesday at the presentation of Norwegian Norsk Energy company’s project on supporting small hydro power plants.
He said that one loan averages $1.9 million.
These loans are extended for eight years with a three-year grace period and at 11% annual interest.
Hanesyan also said that Ameriabank plans to attract extra financing after completion of this program.
“We will sign and agreement with KfW Bank soon as part of a program of Armenian-German fund for supporting renewable energy,” he said adding that loans under this program would be extended at 10.5% interest rate for 10 years with a two-year grace period.
The Ameriabank CJSC (former Armimpexbank) was founded in July 1992 using the facilities of the Armenian branch of the USSR Vnesheconombank (Foreign Economy Bank).
On September 8, 1992, the bank received a banking license from the Central Bank of Armenia.
In August 2007, TDA Holdings limited, affiliated with Troika Dialogue, Russia’s leading investment company, purchased the bank’s shares.
FMO, the Netherlands Finance Development Company is this country’s international development bank.
FMO invests risk capital in companies and financial institutions in developing countries.
Its investment portfolio amounts to €4.2 billion. Thanks to this, FMO is among the world largest developing banks crediting the private sector.
DEG (Deutsche Investitions- und Entwicklungsgesellschaft MBH) is a member of KfW Group.
DEG, a member of KfW Bankengruppe, finances investments of private companies in developing and transition countries. It also promotes private business structures to contribute to sustainable economic growth. -0---
