Armenia provides loan privileges for development of renewable energy field

YEREVAN, JUNE 28, ARMENPRESS. The development of renewable energy can significantly boost Armenia’s economic growth, Vice President of the Central Bank of Armenia (CBA) Vakhtang Abrahamyan said during a seminar organized for beneficiaries of ‘Promoting renewable energy’ loan program on June 28, reports Armenpress.

The program is being carried out within the frames of German-Armenian Fund.

The CBA Vice President said low interest rates are set under the program which allows to further attract investors.

“In addition, renewable energy and energy-saving component is already put in a number of loan programs, in particular, in rural loan programs. This component has great share there which I definitely welcome”, he said.

Vakhtang Abrahamyan said the cooperation with the German KfW in renewable energy field in Armenia has a systematic meaning. “Financial organizations and banks formed structures, and we had specialists who started to understand the renewable energy field, and there was a chance to create more favorable conditions and environment in terms of providing loans. Here the presence of German experts is important who provide constant support. I think the cooperation with the KfW had a systematic significance”, Abrahamyan said.

Director of the German-Armenian Fund Gevorg Tumanyan attached importance to the Armenian Government’s assistance to the development of this relatively new field, stating that already 97 projects formed based on solar energy have been financed.

“Our goal is that these stations will not only be used for personal purposes, but also the beneficiary will later be able to sell the surplus energy and create business environment”, Tumanyan said.