EBRD honors Ameriabank with Deal of the Year – Energy Efficiency award

EBRD honors Ameriabank with Deal of the Year – Energy Efficiency award

PanARMENIAN.Net - The European Bank for Reconstruction and Development (EBRD) awarded Ameriabank in the Deal of the Year – Energy Efficiency category for improving the energy efficiency of greenhouse infrastructure in Armenia.

The EBRD Trade Facilitation Programme (TFP) honored its most successful partner banks in a ceremony at its traditional TFP meeting on the eve of the Bank’s 2016 Annual Meeting in London.

Ameriabank has issued two letters of credit for Alternative Energy LLC which were approved and financed by Commerzbank with EBRD's recommendation. Moreover, the Netherlands Development Finance Company (FMO) also participated in the deal, sharing part of the political and payment risks. The total cost of the project stood at $2,3 million, the $1,91 million of which was financed through Ameriabank's letters of credit.

Thanks to the funding, the Alternative Energy LLC acquired high-quality energy-saving equipment from the Czech Republic, which enables saving energy worth $390,000 annually compared to greenhouse companies employing ordinary equipment, as well as reducing the consumption of natural gas by 1,950,000 m³.

Due to the use of modern high-quality equipment, the company can gain a competitive advantage both in domestic and foreign markets.

Acknowledging the importance of the role of greenhouse infrastructure in Armenian agriculture, Ameriabank actively funds greenhouse farms by facilitating the import of energy-saving and high-productivity equipment. Ameriabank funds over 70% of greenhouse projects in Armenia.

The use of modern energy-saving equipment gives competitive advantages to greenhouse farms, ensuring smooth operation all year round and significantly contributing to the development of Armenia's economy.

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