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IFC PARTNERS WITH BYBLOS BANK ARMENIA
CPI Financial
http://www.cpifinancial.net/news/post/13304/ifc-partners-with-byblos-bank-armenia
March 28 2012
IFC has teamed up with Byblos Bank Armenia to expand mortgage lending
and develop a market for residential energy efficiency finance in
Armenia, a country without fossil energy resources, helping save
energy resources and reduce greenhouse gas emissions.
IFC will provide a $10 million loan to Byblos Bank Armenia to offer
its clients access to housing finance. With advisory support from
the IFC Armenia Sustainable Energy Finance Project, the bank will use
part of the loan to offer its clients the first-ever energy efficiency
lending package in housing sector offered by local bank in Armenia,
which is in high demand in the country due to high energy costs.
IFC has regional expertise in helping financial institutions expand
their residential energy efficiency portfolios, and will provide
training for Byblos Bank Armenia credit officers and risk specialists
to educate them in assessing risks and processing energy efficiency
loan applications.
"While new homes can be designed from the ground up with energy
efficiency in mind, existing homes offer many opportunities for
improvement. By promoting energy efficiency and energy efficient
lending products, we can help homeowners in Armenia to reduce their
annual energy bills, conduct a more environment friendly lifestyle,
and improve the health, comfort, safety of their homes and. This
is the first funding of this nature in Armenia, hence it is equally
important to our customers as well as to Byblos Bank Armenia," said
Ararat Ghukasyan, Chief Executive Officer of Byblos Bank Armenia.
Tomasz Telma, IFC Director for Europe and Central Asia, said, "Our
strategy in Armenia is to increase access to finance, including energy
efficiency finance, and to encourage sustainable economic growth,
support job creation, and diversify the country's economic base. By
working with financial intermediaries, like Byblos Bank Armenia, we
can achieve significant development impact in a country which relies
heavily on imported fuel."
Byblos Bank Armenia is committed to the development of Armenia. Its
lending strategy aims at offering innovative products and services
that contribute to building a solid economy and deliver on long-term
sustainability goals. The bank is establishing business partnerships
with local and international institutions to support its efforts and
cater to the needs of an ever-growing clientele.
Since Armenia became a member of IFC in 1995, IFC has invested
$168 million in 34 projects across the industry spectrum, including
financial markets, manufacturing, and mining. IFC Advisory Services
also provides advice through projects focusing on the financial sector,
sustainable energy, and regulatory simplification.
IFC Armenia Sustainable Energy Finance Project is being implemented
in partnership with the Austrian Ministry of Finance.
From: Baghdasarian
CPI Financial
http://www.cpifinancial.net/news/post/13304/ifc-partners-with-byblos-bank-armenia
March 28 2012
IFC has teamed up with Byblos Bank Armenia to expand mortgage lending
and develop a market for residential energy efficiency finance in
Armenia, a country without fossil energy resources, helping save
energy resources and reduce greenhouse gas emissions.
IFC will provide a $10 million loan to Byblos Bank Armenia to offer
its clients access to housing finance. With advisory support from
the IFC Armenia Sustainable Energy Finance Project, the bank will use
part of the loan to offer its clients the first-ever energy efficiency
lending package in housing sector offered by local bank in Armenia,
which is in high demand in the country due to high energy costs.
IFC has regional expertise in helping financial institutions expand
their residential energy efficiency portfolios, and will provide
training for Byblos Bank Armenia credit officers and risk specialists
to educate them in assessing risks and processing energy efficiency
loan applications.
"While new homes can be designed from the ground up with energy
efficiency in mind, existing homes offer many opportunities for
improvement. By promoting energy efficiency and energy efficient
lending products, we can help homeowners in Armenia to reduce their
annual energy bills, conduct a more environment friendly lifestyle,
and improve the health, comfort, safety of their homes and. This
is the first funding of this nature in Armenia, hence it is equally
important to our customers as well as to Byblos Bank Armenia," said
Ararat Ghukasyan, Chief Executive Officer of Byblos Bank Armenia.
Tomasz Telma, IFC Director for Europe and Central Asia, said, "Our
strategy in Armenia is to increase access to finance, including energy
efficiency finance, and to encourage sustainable economic growth,
support job creation, and diversify the country's economic base. By
working with financial intermediaries, like Byblos Bank Armenia, we
can achieve significant development impact in a country which relies
heavily on imported fuel."
Byblos Bank Armenia is committed to the development of Armenia. Its
lending strategy aims at offering innovative products and services
that contribute to building a solid economy and deliver on long-term
sustainability goals. The bank is establishing business partnerships
with local and international institutions to support its efforts and
cater to the needs of an ever-growing clientele.
Since Armenia became a member of IFC in 1995, IFC has invested
$168 million in 34 projects across the industry spectrum, including
financial markets, manufacturing, and mining. IFC Advisory Services
also provides advice through projects focusing on the financial sector,
sustainable energy, and regulatory simplification.
IFC Armenia Sustainable Energy Finance Project is being implemented
in partnership with the Austrian Ministry of Finance.
From: Baghdasarian