IFC, Byblos Bank to boost residential energy-efficiency lending March 27, 2012 - 11:27 AMT PanARMENIAN.Net - IFC, a member of the World Bank Group, is partnering with Byblos Bank Armenia to help it expand mortgage lending and offer residential energy-efficiency financing, helping save energy resources and reduce greenhouse gas emissions. IFC is providing a $10 million loan to Byblos Bank Armenia to offer its clients increased access to housing finance and also to the first-ever residential energy-efficiency lending package offered by a local bank in Armenia. Byblos Bank Armenia will design its energy-efficiency products with advisory support from IFC’s Armenia Sustainable Energy Finance Project. Ararat Ghukasyan, Chief Executive Officer of Byblos Bank Armenia, said, “By promoting energy efficiency and energy-efficient lending products, we can help homeowners in Armenia to reduce their annual energy bills, lead more environmentally friendly lifestyles, and improve the health, comfort, and safety of their homes. This is the first funding of this nature in Armenia, hence it is equally important to our customers and to Byblos Bank Armenia.” Tomasz Telma, IFC Director for Europe and Central Asia, said: “Our strategy in Armenia is to increase access to finance, including energy-efficiency finance, and to encourage sustainable economic growth, support job creation, and diversify the country’s economic base. By working with financial intermediaries such as Byblos Bank Armenia we can achieve significant development impact in a country that relies heavily on energy imports." IFC will provide training for Byblos Bank Armenia credit officers and risk specialists to educate them in assessing risks and processing energy-efficiency loan applications. Armenia, a country with few fossil energy resources, has strong demand for energy efficiency because of the high cost of energy. Since Armenia became a member of IFC in 1995, IFC has invested $202 million in 35 projects across the industry spectrum, including financial markets, manufacturing, and mining. IFC Advisory Services also provides advice through projects focusing on the financial sector, sustainable energy, and regulatory simplification. IFC’s Armenia Sustainable Energy Finance Project is being implemented in partnership with the Austrian Ministry of Finance. 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 | Armenia-Qatar ties discussed in Doha The Secretary of Armenia’s Security Council met with the Deputy Secretary General of the National Security Council of Qatar. ARARAT special evening dedicated to Aznavour's 100th Anniv. On May 20 ARARAT legendary Armenian brandy, celebrated the centennial of Maestro Charles Aznavour with a special event. Surveying works underway in Armenia’s Kirants Surveying works are underway in the Armenian village of Kirants in the northern Tavush province. Armenia calls for prohibiting threats of attacks on nuclear facilities Armenia has raised the need for a treaty prohibiting attacks on nuclear facilities devoted to peaceful purposes. |