IFC USD 15 mln Loan to Ameriabank Supports Renewable Energy Projects
OREANDA-NEWS. December 31, 2009. IFC, a member of the World Bank Group, announced it is helping Ameriabank finance small-scale renewable-energy projects in
IFC will provide a USD 15 million senior loan to Ameriabank, enabling the bank to provide long-term financing to build small hydropower plants. Projects supported by the loan are expected to reduce carbon dioxide emissions by about 30,000 tons a year. The financing also will help increase
“Energy-sector development is one of the key priorities of Ameriabank as it creates new and sustainable investment opportunities in
Thomas Lubeck, IFC Regional Head,
In spite of the recent financial turmoil, Ameriabank has embarked on a strategy of growth and is already among the top five banks in
IFC also will provide advisory services to help Ameriabank assess and review projects, with a focus on environmental and financial aspects. Earlier this year, IFC provided the bank a USD 5 million trade-finance guarantee, allowing it to expand financing for the foreign trade transactions of its clients throughout the country.
IFC has been investing in
IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with IBRD, it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries—including by increasing financing for renewable energy or energy efficient projects.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled USD 14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit www.ifc.org.
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