Published: October 19, 2010
Anelik Bank to invest loan in sustainable projects.
The European Bank for Reconstruction and Development (EBRD) has backed sustainable energy development in Armenia after agreeing to lend US$3mn to a local bank.
The funding, which was made available in US dollars and local currency, is part of a two-year sustainable energy finance scheme in Armenia. Anelik Bank will invest the funds in projects to improve the energy efficiency of local industrials while increasing renewable energy production.
Valeriu Razlog, the EBRD’s Armenian head, says the loan will help local businesses reduce energy costs to become more competitive in domestic and international markets.
The loan is partnered by technical expertise from the Federal Ministry of Finance of Austria, which will prepare energy audits, review investment proposals and support companies in securing funds from Anelik.
Since the EBRD opened an office in Armenia almost two decades ago it has invested more than €420mn in the country’s financial, corporate, energy and infrastructure sectors.