{"id":43906,"date":"2012-11-16T12:55:58","date_gmt":"2012-11-16T12:55:58","guid":{"rendered":"https:\/\/armbanks.am\/2012\/11\/16\/236879\/"},"modified":"2024-12-15T13:00:46","modified_gmt":"2024-12-15T13:00:46","slug":"green-for-growth-fund-provides-armenian-araratbank-with-5-million-loan-for-energy-saving-projects","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2012\/11\/16\/43906\/","title":{"rendered":"Green for Growth Fund provides Armenian Araratbank with $ 5 million loan for energy saving projects"},"content":{"rendered":"<p><strong>YEREVAN, November 16, \/ ARKA \/<\/strong>. The Green for Growth Fund (GGF) and Armenian Araratbank signed today a $5 million loan agreement to expand the bank\u2019s lending capacity to energy efficiency projects. The agreement was signed by Araratbank CEO Ashot Osipyan and GGF Board member Mikhail\u00a0 Morshel.<\/p>\n<p>&#8220;The agreement consists of three components. The funds will be used to provide loans to individuals (households) to implement energy-saving programs, to Armenian enterprises for purchase of energy-efficient equipment, as well as to companies operating in the field of alternative energy, &#8221; Osipyan said.<\/p>\n<p>According to him, about 25% of the fresh funding will be allocated to individuals,\u00a0 45-50%\u00a0 to\u00a0 small and medium businesses, and the rest to alternative energy companies.<\/p>\n<p>&#8220;Loans repayment period is up to 5 years, interest rates will range from 11% to 14%. As experience shows the maximum amount of loans in this sector does not exceed more than $ 20,000, however, the agreement provides for a $50,000 limit,&#8221; Osipyan said.<\/p>\n<p>Mikhail\u00a0 Morshel said the loan will enable Araratbank to\u00a0 develop a new product, which will expand its customer base.<\/p>\n<p>&#8220;The agreement also provides for technical support to the bank. GGF support team together with Araratbank will develop a lending strategy for energy efficiency projects, as well as a range of specialized products,&#8221; he said.<\/p>\n<p>Morshel also said that providing Araratbank with loans for\u00a0 energy saving projects will allow to cut\u00a0 by at least\u00a0 20%\u00a0\u00a0 energy consumption and emissions of carbon dioxide into the atmosphere.<\/p>\n<p>Araratbank, the successor of Haykap bank, was established in 1991. Its capital as of September 30, 2012 amounted to 14.9 billion drams, liabilities to 84 billion drams. Its assets at the end of third quarter 2012 stood at\u00a0 98.9 billion drams, the credit portfolio at 48.7 billion drams, and individual term deposits at 17.3 billion drams. Its net profit in the third quarter amounted to 2.9 billion drams. The bank runs 43 branches in the capital and regions. Some 64.18 percent of the bank is owned by Barsegh Beglaryan, 25 percent by EBRD and 10 percent\u00a0 by Belgian\u00a0 Incofin Investment Management.\u00a0 -0-<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Green for Growth Fund (GGF) and Armenian Araratbank signed today a $5 million loan agreement to expand the bank\u2019s lending capacity to energy efficiency projects<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[9214,9216],"tags":[12162,15837,15462,12294,308],"class_list":{"0":"post-43906","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-banks-en-en","7":"category-news","8":"tag-araratbank","10":"tag-green-for-growth-2","11":"tag-loan","12":"tag-308"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/43906","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/comments?post=43906"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/43906\/revisions"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=43906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=43906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=43906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}