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IFC HELPS BYBLOS BANK ARMENIA BOOST HOUSING FINANCE AND RESIDENTIAL ENERGY EFFICIENCY LENDING
Zawya.com
http://www.zawya.com/story.cfm/sidZAWYA20120328072807
March 28 2012
Yerevan, Armenia, March 28, 2012--IFC, a member of the World Bank
Group, partners with Byblos BankByblos 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 BankByblos 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 BankByblos 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 BankByblos Bank
Armenia," said Ararat Ghukasyan, Chief Executive Officer of Byblos
BankByblos 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 BankByblos Bank Armenia, we can achieve significant
development impact in a country which relies heavily on imported fuel."
Byblos BankByblos 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.
For further information, please contact: Ms. Lara Sleiman Noun Press
Officer Group Communication Department Tel: 01.335200 ext. 0314 Email:
[email protected]
Zawya.com
http://www.zawya.com/story.cfm/sidZAWYA20120328072807
March 28 2012
Yerevan, Armenia, March 28, 2012--IFC, a member of the World Bank
Group, partners with Byblos BankByblos 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 BankByblos 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 BankByblos 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 BankByblos Bank
Armenia," said Ararat Ghukasyan, Chief Executive Officer of Byblos
BankByblos 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 BankByblos Bank Armenia, we can achieve significant
development impact in a country which relies heavily on imported fuel."
Byblos BankByblos 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.
For further information, please contact: Ms. Lara Sleiman Noun Press
Officer Group Communication Department Tel: 01.335200 ext. 0314 Email:
[email protected]