As a part of the program implemented by the International Financial Corporation (IFC) and FMO/DEG consortium, Ameriabank CJSC has approved 10 loan applications for financing of small hydropower plants at the amount of $25 million.

“Loans are provided for a 8-year term, with 3 years grace period and 11% interest rate,” Ameriabank CEO Artak Hanesyan told a PanARMENIAN.Net reporter.

He informed that the bank has pending projects for implementation of which additional funds will be attracted.

“In the near future, we will sign an agreement for participation in renewable energy program of the German-Armenian Fund,” Hanesyan said, adding that Ameriabank and Cascade Bank have already rendered financial assistance to 27 small hydropower plants.