YEREVAN, August 22. /ARKA/. ACBA-CREDIT AGRICOLE BANK and the Central Bank of Armenia have signed a loan agreement as part of the Energy Efficiency for SMEs program being implemented by Germany’s KfW Bank, the press office of the bank reported on Monday.
The program implies provision of commercial express loans in the national currency to small and mid-scale businesses at 11-to-13.8-percent annual interest rates for development of alternation energy sources and enhancement of effectiveness of businesses in Armenia.
The lent financial resources will allow making investments in purchasing energy-saving equipment and developing infrastructures.
In accordance with the arrangement, loans will be extended for two to five years. Maximum size of the loan may be AMD 500 million.
Energy audits may be carried out, if necessary, before lending money for gauging effectiveness of future investments.
More detailed information is available here.
ACBA-CREDIT AGRICOLE BANK was established in 1996 as part of European Union’s TACIS program. In September 2006, France’s Credit Agricole Group became the biggest shareholder of the bank making considerable investments into its capital. ($1 – AMD 474.69). –0—-
