YEREVAN, October 18. /ARKA/. On Monday, European Bank of Reconstruction and Development (EBRD) and Armenian “Bank Anelik” signed new credit agreement in the amount of $3 million (about 1.08 billion drams) on funding of energy saving sphere.

Credit is provided to the Bank for 5 years. The Bank will provide credits from October 19, 2010.

Head of Board of “Bank Anelik” Samvel Chzmachyan said that during the twenty years of the Bank’s activity it has always participated in the programs which allow industrial enterprises and businessmen to become more competitive.

“Peculiarity of this program is that it is targeted at the introduction of energy saving system, modernization of flow lines of small hydro-power stations, renewed energy, industrial enterprises and other programs allowing to increase competitiveness of our companies”, said Chzmachyan.

“Bank Anelik” was the first to join the program and believes in its productiveness. It is ready to provide credits to all the companies which correspond to their criteria.

As for percent rates, they will depend on the existing risks, but not exceed 12-13% annually. Maximum size of the credit is up to $2.5 million.
Head of Yerevan EBRD Office Valeriu Razlog said that due to this credit program Armenian companies can reduce the expenses of electricity which makes them competitive in the international market.

Credit will allow the clients to save about 4 Gegawatt electricity reducing atmospheric emission of carbonic acid (СО2) by 2200 tons annually. This indicator can be obtained for the purpose of energy effectiveness, investing money for the improvement of territories, modernization of production, increase of efficiency of heating system, lighting and air conditioning.

Federal Ministry of Finance of Austria will provide technical assistance in the frames of which the consultants will conduct audit of using electricity in the enterprises, study investment proposals and assist the companies to get funding by “Bank Anelik”.

On October 1, 2010, EBRD and “Bank Anelik” signed five-year credit agreement in the amount of $6 million for the implementation of the program of the Bank on crediting small and medium-sized business. According to the program, companies and organizations having up to 100 employees, annual turnover of which does not exceed 300 million drams and capital is less than 250 million can get credit.

Armenia cooperates with EBRD since December 1992. In 2010, the Bank will implement 20 programs in Armenia in the amount of about 50 million EURO. In 2009 the Bank provided financial assistance in the amount of about $110-120 million.

From the beginning of its activity, EBRD has unvested more than 393 million EURO, particularly 77 programs of modernization of energy sphere and infrastructures.

CJSC “Bank Anelik” was established on July 9, 2010., registered on October 1, 1991. In October 1996 the Bank got general license of CB Armenia N9. Shareholders of the Bank are CreditBank S.A.L. with the share of 51%, Samvel Chzmachyan - 12.25%, Artur Arakelyan - 12.25%, Armen Ghazaryan - 12.25%, Galina Voronina - 12.25%.

Assets of the bank as of June 30 were 50.5 billion drams, liabilities – 35.1 billion drams, total capital – 15.4 billion drams, credit investments – 26.2 billion drams, liabilities to the clients – 19.45 billion drams and net income after taxation for the first half years – 266.9 million drams.

As of June 30 the Bank has 10 branches. ($1- 360.55 drams).  --0--