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Armenia : EBRD provides loan to help increase energy efficiency in ARMENIA

July 17, 2014

A $10m loan is being provided by the European Bank for Reconstruction and Development (EBRD) to help bolster the green energy sector in Armenia.

With the help of funds, HSBC Bank Armenia can lend companies that wish to invest in their equipment, machinery or other assets intended at obtaining the full energy efficiency and reductions of over 20% of their energy usage.

Moreover, companies will be able to borrow money to make investments in renewable energy and the maximum term of the loans is five years. It is part of the EBRD's Caucasus Energy Efficiency Programme (CEEP) that was drafted to motivate firms make better use of their nation's energy resources.

According to the EBRD, the move aims to assist Armenia reduce the energy intensity of its economy and promote energy efficiency investments in several sectors. The projects that are eligible under CEEP could receive investment incentives of about 15% of the eligible loan amount.

Over 688 million has been invested by the bank in 129 projects in Armenia's financial, corporate, energy and infrastructure sectors.

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Source: TendersInfo (India)

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