MOSCOW, JULY 6, NOYAN TAPAN. The International Finance Corporation (IFC) and the United States Agency for Internationl Development (USAID) help Armenian banks to increase their experience in energy efficiency and to start providing credits in this sector. The initiative will enable to improve the energy efficiency index of customers and differentiate their credit portfolios in complex financial situations. Under the USAID-funded Commercialization of Energy Efficiency Program (CEEP) being implemented by US-based Advanced Engineering Associates International Inc. organization's Armenian office, the IFC held a 4-day seminar in Moscow with the participation of six Armenian banks: Armbusinessbank, ArmSwissBank, Ameria Bank, Ardshininvestbank, Inecobank and VTB (Armenia) Bank, whose total assets account for more than 36% of the Armenian banking system. The seminar was based on IFC's unique experience of establishing a stable market for financing the energy sector in Russia in partnership with the local financial institutions. During the seminar, the managers of the indicated Armenian banks received information directly from the primary source and discussed some practical issues related to the creation of this new market: how to assess energy efficiency programs at an enterprise, how to use such financial instruments as credit provision generating stable income and trade financing, and how to work with suppliers and program designers to create co-financed goods. According to General Manager of IFC consulting programs in Europe and Central Asia Tanya Lozansky, the purpose of the seminar was to present energy efficiency financing as a commercial opportunity for Armenia. She said that under conditions of the economic crisis, it is especially important that banks acquire new skills for working out sustainable development strategies and assist their customers. The seminar was organized by RBC Training organization and financed by CEEP being implemented by the USAID Armenia Office.

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