IFC plans to make multimillion investments in energy saving sphere in Armenia

YEREVAN, March 27. /ARKA/. International Financial Corporation (IFC) plans to invest minimum tens of millions dollars in energy saving sphere of Armenia, said IFC Southern Europe and Central Asia Department Tomasz Telma.
“Our team together with the specialists makes market research for identifying what energy saving products are more reasonable in Armenia”, he said on Tuesday in signing credit agreement with Byblos Bank Armenia in the amount of $10 million in the sphere of mortgage financing.
IFC and  Byblos Bank Armenia  signed a credit agreement for $10 for mortgage and housing financing aimed at the increase of energy efficiency of buildings. It will promote mortgage financing in Armenia and also reduction of greenhouse gas emission.
According to Telma, along with Byblos Bank Armenia IFC believes that can work with other Armenian banks on the implementation of energy saving programs in the sphere of business and trade.
“It is one of our priority directions in the country, and provision of credit to Byblos Bank Armenia is one of our first products in this sphere”, he said.
Telma said that IFC programs will be aimed at the creation of clean energy sources  which will reduce the level of dependence of Armenia from imported energy carriers.
“From the other hand, we work with the banks and market participants which will be ready to finance such projects and in the result of their implementation energy consumption will be reduced”, he said.
According to the research of IFC jointly with Finance Ministry of Austria  conducted among 100 Armenian companies at the beginning of 2011, investment potential in energy saving sphere in Armenia is about $200 million. According to the research, Armenian industrial enterprises could have saved up to 14.5% energy expenses investing funds in the sphere of energy saving.
Armenia became the member of IFC included in the group of the World Bank in 1995. During 17 years of its activity,  IFC  has implemented in Armenia 35 programs investing  $202 million in different sectors of economy. –0–