IFC Executive Vice President and CEO meets with Ameriabank managementAugust 27, 2010 - 18:15 AMT PanARMENIAN.Net - On August 26, Executive Vice President and CEO of World Bank group member International Finance Corporation (IFC), Lars Thunell visited Ameriabank to meet with the bank management. He was accompanied by a group of IFC officials. Mr. Thunell has advanced growth of IFC's business and its mission to create opportunities in emerging markets and improve people's lives. As part of his visit to Armenia, Mr. Thunell visited Ameriabank to be presented with an account of how IFC funds are being spent under the bank’s lending projects, including how they are being utilized by end-borrowers. The partners also discussed options for further cooperation. The attendees highlighted that Ameriabank has on-lent the IFC funds successfully and in a time-efficient manner. The IFC facilities provided to Ameriabank include a 10 million US dollar credit limit for international trade finance and a 15 million US dollar renewable energy (small hydro power plant) loan. The trade finance facility enabled Ameriabank to promote clients’ foreign trade transactions in Armenia. Ameriabank joined the IFC Global Trade Finance Program (GTFP) as an issuing bank to secure clients’ import and export operations. This program covers, among others, small and medium enterprises. Participation in GTFP makes the bank eligible to cooperate with over 300 other GTFP member banks worldwide. Highlighting the importance of promoting the renewable energy sector for overall economic development, Ameriabank is actively engaged in its financing through various programs, the press service of Ameriabank reported. The IFC 15 million US dollar facility is being utilized to provide long-term funding for 8 small hydro power plant projects in Vayots Dzor, Gegharkunik and Lori regions of Armenia with overall installed power of 26.08 MWt and expected output of 80.6 mln KWtph. The small hydro power plant financing project will enhance local power generation capacities and diversify power supply sources by reducing CO¬¬2 emissions and shifting from dependence on imported fuel. The program of the meeting also featured a short video film on the progress of Jermuk-2 small hydro power plant project mostly funded by Ameriabank under IFC renewable energy facilities. Both parties expect this cooperation between Ameriabank and IFC to expand and aid future progress of Armenia’s economy. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | President stresses Armenia’s clear position to achieve peace On the eve of the International Francophonie Day, the Armenian President met with French intellectuals. Kazakh Foreign Minister arrives in Armenia Kazakh Foreign Minister Murat Nurtleu on Monday, March 18 arrived in Armenia for a two-day trip. Aliyev touts “good chances” for normalizing ties with Armenia Azerbaijani President Ilham Aliyev has declared that there are “good chances” for normalizing relations with Armenia. Putin secures fifth term as Russian president Russian President Vladimir Putin has secured a fifth term in office through a dubious national plebiscite. |