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EBRD and GCF support Armenian green investment

By Loretta Martikian and Maria Rozanova

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EBRD and GCF support Armenian green investment

  • Ameriabank becomes first EBRD partner in Armenia to receive loan under Green Economy Financing Facility (GEFF) programme
  • Loan will help SMEs and corporates investing in green technology
  • Fund co-financed by EBRD and Green Climate Fund

Small businesses in Armenia will have more opportunities to invest in green technology thanks to a US$ 12.5 million loan the EBRD is providing to Ameriabank for on-lending to small and medium-sized enterprises (SMEs) and corporates for green investments.

The loan is co-financed by the EBRD and the Green Climate Fund (GCF), the largest international climate fund created in 2010 under the United Nations Framework Convention on Climate Change. GCF supports low-emission and climate-resilient programmes in developing countries.

The funds to Ameriabank are being provided under the EBRD Green Economy Financing Facility (GEFF), a framework to help businesses invest in climate adaptation and mitigation technologies, which also help to improve their productivity and reduce costs.

Companies interested in small-scale renewable energy projects may also benefit from investment incentives funded by the Strategic Climate Fund (SCF) through the Scaling-Up Renewable Energy Programme (SREP). The GEFF includes a comprehensive technical advisory package, co-financed by the Austrian Federal Ministry of Finance and the GCF, which helps originate and verify green investment opportunities.

Ameriabank is one of the leading banks in Armenia and has cooperated with the Bank since 2010, providing financing to SMEs, energy efficiency projects under the Caucasus Energy Efficiency Programme (CEEP), women-led businesses under the EBRD’s Women in Business programme and to local entrepreneurs under the Bank’s Trade Facilitation Programme. Ameriabank is well positioned to reach SMEs, corporates, technology suppliers, producers, vendors and installers that could benefit from green technologies.

The GEFF will contribute towards building a green economy in Armenia by supporting the expansion of green finance in accordance with the EBRD Green Economy Transition (GET) approach. Possible investments include technologies that boost the sustainable use of energy and water resources such as thermal insulation, photovoltaic solar panels, geothermal heat pumps, energy efficient boilers and water efficient irrigation systems. Businesses can identify typical green technologies available in Armenia through the GEFF Technology Selector.

Since the start of its operations in Armenia in 1992, the EBRD has invested €1.2 billion in 168 projects in the country’s financial, corporate, infrastructure and energy sectors, with 88 per cent of investments in the private sector.

Since 2006, the EBRD has committed over €26 billion to projects furthering the transition to the green economy across its 38 markets of operations.

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