IFC provides $9 million in loan for construction of low-energy business center in Yerevan
07.11.2014,
14:17
The International Financial Corporation (IFC) provided $9 million in loan to “Property Development Company” and attracted a similar amount from the German Economic Cooperation Agency (DEG) for construction of a power-efficient business center building in Yerevan, IFC’s press office reported on Thursday.
YEREVAN, November 7. /ARKA/. The International Financial Corporation (IFC) provided $9 million in loan to “Property Development Company” and attracted a similar amount from the German Economic Cooperation Agency (DEG) for construction of a power-efficient business center building in Yerevan, IFC’s press office reported on Thursday.
As a WB Group member, IFC supports construction of innovative low-energy business center aiming at creating jobs and protecting environment in Armenia.
Director of “Property Development Company” Artashes Kazakhetsyan said the up-to-standard building is the first “green” business center project in Armenia. The building is expected to get BREEM certification after the construction is over, he said.
This unique building will contribute to development of ecological construction in the country, Kazakhetsyan said.
The total cost of the project is $37 million. The remaining funds will be provided by the “Property Development Company”.
The construction of the building with total area of 23,000 hectares is due for completion by November 2016. There are currently two buildings in the area, one was built in 1910 and the other in 1926. Kazakhetsyan said the face of the building of 1926 will be maintained, whereas the 1910 building will be dismantled to be rehabilitated during the construction works.
Senior coordinator of IFC programs in Armenia Arman Barkhudaryan said construction of Kamar business center will be IFC’s first “green” construction project in the region.
Armenia became member of IFC in 1995. The organization has invested a total of $320 million in 52 projects in the country since then and mobilized another $23 million from other creditors. –0--
As a WB Group member, IFC supports construction of innovative low-energy business center aiming at creating jobs and protecting environment in Armenia.
Director of “Property Development Company” Artashes Kazakhetsyan said the up-to-standard building is the first “green” business center project in Armenia. The building is expected to get BREEM certification after the construction is over, he said.
This unique building will contribute to development of ecological construction in the country, Kazakhetsyan said.
The total cost of the project is $37 million. The remaining funds will be provided by the “Property Development Company”.
The construction of the building with total area of 23,000 hectares is due for completion by November 2016. There are currently two buildings in the area, one was built in 1910 and the other in 1926. Kazakhetsyan said the face of the building of 1926 will be maintained, whereas the 1910 building will be dismantled to be rehabilitated during the construction works.
Senior coordinator of IFC programs in Armenia Arman Barkhudaryan said construction of Kamar business center will be IFC’s first “green” construction project in the region.
Armenia became member of IFC in 1995. The organization has invested a total of $320 million in 52 projects in the country since then and mobilized another $23 million from other creditors. –0--
