YEREVAN. – Ardshinbank and the OPEC Fund for International Development (OFID) signed a US$10 million loan agreement on March 31, 2015 in Vienna.

The agreement was signed by Mr. Suleiman Jasir Al-Herbish, the Director-General of the OPEC Fund for International Development, and Mr. Mher Grigoryan, the Chairman of the Management Board of Ardshinbank.

The new facility will be used for financing the construction and operation of small-scale hydropower plants (SHPPs), run by small and medium-sized enterprises in Armenia. The Bank and the Fund have been cooperating since 2010, and the total volume funds under management have reached US$ 20 million, following the signing of this agreement.

Speaking at the signing ceremony held at OFID’s headquarters, Mr. Grigoryan mentioned that strategic importance of hydro energy development in Armenia cannot be underestimated, given the importance of having alternative sources to meet the growing demands of Armenian economy.

“I do highly appreciate the fact that the funds extended by OFID will contribute to the development of the Armenian energy sector, by facilitating greatly the access to long-term funding for SMEs. This agreement is yet another proof of successful cooperation between OFID and Ardshinbank, which, I have no doubt, will be of mutual benefit and has sound development prospects.”

Mr. Al-Herbish, in turn, expressed his deep satisfaction for having another opportunity to support development of economy and energy sector of Armenia. “During my visits to Armenia I was convinced of the importance of the energy sector there. I am delighted to have this opportunity to contribute to the development of the renewable energy through promotion of small scale hydropower projects.”

Established in 2002, Ardshinbank is one of the leading banks in Armenia and has a large distribution network with over 55 branches all over the country and a strong SME customer base. For further information please visit www.ardshinbank.am or call 59-04-04

The OPEC Fund for International Development is the development finance institution established by the Member States of OPEC in 1976 to contribute to the economic and social development and provide financial support to the developing countries. You can find more information on OFID at www.ofid.org.