August 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.