YEREVAN, DECEMBER 19, NOYAN TAPAN. Under the World Bank program "Restoration of City Heating Systems in Armenia", Ardshininvest Bank and ACBA Credit Agricole Bank have already given credits to 3,000 residents for the restoration of heating systems of houses and 6 apartment buildings. NT correspondent was informed by the director of Armenia's Renewable Energy and Energy Efficiency Fund Tamara Babayan that in the initial period credits were provided to residents at the annual interest rate of 24% for a 3-year period, whereas now the interest rate has been reduced to 17%. T. Babayan said that the World Bank has to provide credits of a total of 4.2 million dollars at LIBOR + 1% interest rate with the repayment period of 7 years to the above mentioned banks. The banks in their turn give this sum at a certain interest rate to private companies, condominiums, etc. According to T. Babayan, 10 banks provide credits for restoration of heating systems in Armenia.

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