By Adonia Agayan

YEREVAN, August 6 — At a conference held on August 5 the Armenian government  made a decision on forming a crediting organization with the participation of the Armenian foundation for renewable energy and energy conservation.

Armen Movsisyan, the Minister of Energy and Natural Resources, noted that such a decision was made based on the foundation’s rather long and successful experience in the field of credit investment.

The minister also informed that the credit organization is formed as a closed joint stock company and its capital stock amounts to 200 million dram (about $543,800).

The foundation for renewable energy and energy conservation was established in November 2005 by the Armenian government. The goal of the foundation was the stimulation of investments to develop power engineering. The foundation takes part in the development of the energy strategy in Armenia, including the settlement of legislative issues.

This structure is funded by Armenia’s state budget as well as by the credits and grants of donor organizations.

Yerevan Report