EBRD TO SUPPLY HSBC ARMENIA WITH FUNDING FOR RENEWABLE ENERGY LOANS
CISTran Finance
July 16 2014
July 16, 2014 8:00 AM
By Lisa Barron
The European Bank for Reconstruction and Development (EBRD) announced
on Monday that it has signed an agreement with HSBC Armenia for a
$10 million loan to support the industrial and residential renewable
energy sectors.
The funds will help HSBC Armenia extend loans to companies willing
to make capital investments in equipment, machinery and other fixed
assets that are designed to improve energy efficiency and reduce more
than 20 percent of their energy consumption.
The facility, which has a maximum term of five years, comes under the
EBRD’s Caucasus Energy Efficiency Program (CEEP) aimed at encouraging
companies to make better use of their country’s energy resources.
The CEEP is supported by grants from the Austrian Ministry of Finance,
the European Union Neighborhood Investment Facility and the EBRD
Shareholder Special Fund.
HSBC Armenia had a commercial lending portfolio of $317 million in the
first quarter of 2014 and has posted strong results in recent years.
The EBRD has been one of the largest outside investors in Armenia,
investing more than $935 million in 129 projects since the country’s
independence.
From: Emil Lazarian | Ararat NewsPress
Disclaimer: This article was contributed and translated into English by Emil Lazarian. While we strive for quality, the views and accuracy of the content remain the responsibility of the contributor. Please verify all facts independently before reposting or citing.
Direct link to this article: https://www.armenianclub.com/2014/07/16/ebrd-to-supply-hsbc-armenia-with-funding-for-renewable-energy-loans/
