YEREVAN. - International Finance Corporation, a member of the World Bank Group and the Ministry of Energy and Natural Resources of Armenia signed a cooperation agreement, aimed at raising the efficiency of the Armenia’s energy system with the help of new renewable energy sources.

The report says that power plants with lower capabilities based on renewable energy sources have increased in Armenia’s energy system within the recent years. However, it is necessary to ensure reliable operation of power system. The ministry will develop reliability indexes, based on best international experience within the framework of Armenian Sustainable Energy Finance Program. It will meet the requirements and conditions of Armenia’s energy system, the press service of the ministry informed Armenian News-NEWS.am.

The program was designed to establish a steady market for energy efficiency and investment in renewable energy. The program started in January 2010 and is being implemented with financial support from the Ministry of Finance of Austria.