ArmInfo. Armswissbank, within the framework of a loan agreement concluded with the Central Bank of Armenia, has launched the second phase of the German development bank KfW loan program "Energy Efficiency for SMEs".
As ArmInfo was explained in the press service of Armswissbank, program financing will be aimed at stimulating the use of alternative energy sources by SMEs and increasing energy efficiency. The program provides an opportunity for business entities to invest in the acquisition of highly efficient equipment and technologies, as well as in the development of infrastructures.
Control and administration of the program will be carried out by the Office of the German-Armenian Fund Program Management.
It is noteworthy that financing energy efficiency and renewable energy is one of the strategic directions of Armswissbank. In this area, the bank began financing since 2006, starting with small hydropower projects. Participating in credit programs of a number of international financial institutions, including KfW and EBRD, aimed at energy efficiency and renewable energy, Armswissbank, implementing many projects, has achieved significant results. In particular, over the past year and a half, Armswissbank has funded about 50 projects for the construction of solar stations, including two of the largest industrial importance currently operating in Armenia. In addition, with financial assistance from the bank, dozens of companies have introduced ultra-modern and energy-saving equipment to effectively organize their daily activities. , - noted in the source.
It should be noted that KfW is one of the major donors of Armenia. Over the past 20 years, KfW's investments exceeded 510 million euros in more than 15 programs, including in the field of SMEs, the agricultural sector, the energy sector, the environment and in the financial and banking sector. Armenia's external debt to the Bank by January 1, 2019 reached $ 343.2 million (6.2% of the total external debt of the Republic of Armenia), having increased by 16% over the year.
Recall that Armswissbank CJSC was established on October 7, 2004. As of January 1, 2020, a 87,53% stake in Armswissbank is owned by HVS Holding LLC, 12,47% - “FMTM Distribution” LTD. It is worth noting that Armswissbank is a member of a number of international credit programs for renewable energy and financing of energy- efficient projects.
