YEREVAN, APRIL 7, ARMENPRESS: Armenian Finance and Economy Minister Vartan Khachatrian and World Bank Resident Representative Roger Robinson have inked today an agreement whereby the World Bank will release a credit to Armenia for a Renewable Energy Project.
The total amount of the project is US$25.050 million, including a US$5 million International Development Association (IDA) credit, and a US$3 million grant from the Global Environment Facility (GEF). The project will also be supported by co-financing of US$7 million from EBRD, US$3 million from the Cafesjian Family Foundation, and US$7.050 million from the government and local financial institutions This project will assist the government to increase privately owned and operated power generation utilizing renewable energy and to reduce greenhouse gas (carbon dioxide) emissions by overcoming barriers to the development of renewable energy.
IDA and grant funds will be channeled through the Renewable Energy and Energy Efficiency Fund, which will provide finance to private investors through a financial intermediary. By the time of completion, the project is expected to contribute to the development of about 80MW of additional renewable energy generation capacity, adding 200GWh annual renewable generation to the electricity generation mix. In addition, carbon dioxide emissions are expected to be lowered by around 130,000 tons annually. The Credit will be made to Armenia on standard IDA terms, including 40 years maturity and a 10-year grace period.
Since joining the World Bank in 1992 and IDA in 1993, the commitments to Armenia total approximately US $921 million for 42 operations.
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