"Cascade Credit" To Start Implementing Program Of Renewable Energy P

"CASCADE CREDIT" TO START IMPLEMENTING PROGRAM OF RENEWABLE ENERGY PROJECT CREDITING

Yerevan, June 15. ArmInfo. "Cascade Credit" crediting institution
will start implementing a program on crediting of renewable energy
projects starting from July 2006, "Cascade Credit" Executive Director
Garegin Gevorgyan said at a press conference, Thursday.

He said the program costs $15 million, including $7 million allocated
by EBRD, $5 million by WB. The remaining $3 million are invested by
Gafesjian Family, the owner of "Cascade Credit." In addition, World
Environment Protection Program will provide a $3 million grant as a
technical assistance to the program. G. Gevorgyan said the credits
will be provided mainly for construction of small 10 megawatt capacity
HPPs for 8 years and a 2 year grace period. He said the credit will
not exceed one million dollars and 70% of the total expenses. The
annual interest rate is 8-9% on the six-month rate LIBOR+. Given
the urgency of the projects in Armenia, he said "Cascade Credit"
cooperates with authors of 25 of 48 projects submitted recently.