According to the Financial news website, on May 19 the IFC and Armenia’s Ministry of Energy and Natural Resources signed a cooperation agreement today to increase the efficiency of Armenia’s energy system by introducing new renewable energy sources.

IFC Armenia Sustainable Energy Finance Project will help Armenia develop reliability indicators based on the best international practices and adapted to the domestic power system. Reliability indicators will set basic technical normative requirements to securely operate the power system in standard and emergency situations.

The project, launched in January 2010, is implemented with financial support from the Austrian Ministry of Finance.