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ARARATBANK ISSUES $1.083 MILLION LOANS UNDER GGF ENERGY EFFICIENCY FINANCE PROJECTS
2013-05-16 12:33:00
ArmInfo. Araratbank has already issued $1.083 million loans under
energy efficiency finance projects of The Green for Growth Fund,
Southeast Europe (GGF). The bank signed a $5 million loan agreement
with GGF on Nov 2012. Araratbank press-service told ArmInfo the energy
efficiency loans were provided to enterprises, households and private
customers of the bank. The bank offers up to $30,000 loan for privates
at the annual interest of 12.99%, up to 500,000 EUR equivalent in USD
for corporate customers at the annual interest of 11% for a 4-year
maturity loan and 12% for a 5-year maturity loan. Earlier, Chairman of
ARARATBANK Board, Ashot Osipyan, forecasted that loans issued under
the project will make it possible to save at least 20% of initial
energy in an equivalent - 19,580 megawatt of annual saving of energy.
"Within the frames of partnership with GGF, ARARATBANK will also get
an important technical assistance, which will give an opportunity to
introduce new technologies and instruments at the Armenian market for
crediting of the energy saving projects", Osipyan said. The Green for
Growth Fund, Southeast Europe (GGF) has been initiated in December
2009 by the European Investment Bank and KfW (The German Development
Bank) with the financial support of the European Commission and
European Bank for Reconstruction and Development. The Fund provides
finance mainly through local financial institutions to the Energy
Efficiency and Renewable Energy sector in the pre-accession countries
in the western Balkan region as well as Turkey. Targeted investors in
the Fund are both public and private entities. By data of the
Financial Rating of Armenian Banks prepared by ArmInfo Agency,
Araratbank is among top ten banks in terms of loans to the economy
sectors - 44 bln drams (55% of total loan portfolio), with a 32%
annual growth and 5.5% growth for Q1 2013. As of April 1 2012 the
majority shareholders of Araratbank are Flash Oil Trader Company
(President Barsegh Beglaryan) with 69.24% shares, EBRD - 25%+1 share,
Rural Impulse Fund II (part on Incofin Investment Management - Incofin
IM) with 5% shares.
2013-05-16 12:33:00
ArmInfo. Araratbank has already issued $1.083 million loans under
energy efficiency finance projects of The Green for Growth Fund,
Southeast Europe (GGF). The bank signed a $5 million loan agreement
with GGF on Nov 2012. Araratbank press-service told ArmInfo the energy
efficiency loans were provided to enterprises, households and private
customers of the bank. The bank offers up to $30,000 loan for privates
at the annual interest of 12.99%, up to 500,000 EUR equivalent in USD
for corporate customers at the annual interest of 11% for a 4-year
maturity loan and 12% for a 5-year maturity loan. Earlier, Chairman of
ARARATBANK Board, Ashot Osipyan, forecasted that loans issued under
the project will make it possible to save at least 20% of initial
energy in an equivalent - 19,580 megawatt of annual saving of energy.
"Within the frames of partnership with GGF, ARARATBANK will also get
an important technical assistance, which will give an opportunity to
introduce new technologies and instruments at the Armenian market for
crediting of the energy saving projects", Osipyan said. The Green for
Growth Fund, Southeast Europe (GGF) has been initiated in December
2009 by the European Investment Bank and KfW (The German Development
Bank) with the financial support of the European Commission and
European Bank for Reconstruction and Development. The Fund provides
finance mainly through local financial institutions to the Energy
Efficiency and Renewable Energy sector in the pre-accession countries
in the western Balkan region as well as Turkey. Targeted investors in
the Fund are both public and private entities. By data of the
Financial Rating of Armenian Banks prepared by ArmInfo Agency,
Araratbank is among top ten banks in terms of loans to the economy
sectors - 44 bln drams (55% of total loan portfolio), with a 32%
annual growth and 5.5% growth for Q1 2013. As of April 1 2012 the
majority shareholders of Araratbank are Flash Oil Trader Company
(President Barsegh Beglaryan) with 69.24% shares, EBRD - 25%+1 share,
Rural Impulse Fund II (part on Incofin Investment Management - Incofin
IM) with 5% shares.