Armenia gets $10m for energy efficiency

A London-based bank is providing a $10 million (£7.3m) loan to help boost the green energy sector in Armenia. The funds will allow HSBC Armenia to lend companies that wish […]

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By Priyanka Shrestha

A London-based bank is providing a $10 million (£7.3m) loan to help boost the green energy sector in Armenia.

The funds will allow HSBC Armenia to lend companies that wish to invest in their equipment, machinery or other assets aimed at achieving overall energy efficiency and reductions of more than 20% of their energy usage.

Firms can also borrow cash to make investments in renewable energy.

It is part of the European Development Bank for Reconstruction and Development’s (EBRD) Caucasus Energy Efficiency Programme, which has been developed to encourage firms make better use of their nation’s energy resources.

The Bank stated: “This initiative aims to help Armenia reduce the energy intensity of its economy and promote energy efficiency investments in various sectors such as power and energy, industry, agriculture, municipal and environmental infrastructure, property and the residential sector.”