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EBRD deepens green finance in Armenia

By Maria Rozanova

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  • EBRD and Green Climate Fund are co-financing new GEFF programme in Armenia
  • Ameriabank is the first bank in Armenia to receive EBRD energy efficiency credit line
  • ArmSwiss Bank receives €2.5 million energy efficiency loan for on-lending to SMEs and business

The EBRD is intensifying efforts to strengthen energy efficiency in Armenia with the launch of a new Green Economy Financing Facility for the country, co-financed by the Green Climate Fund (GCF).

Small and medium-sized enterprises (SMEs) and corporates will benefit from a €2.5 million loan to ArmSwiss Bank, the second bank to join GEFF in Armenia after the successful set-up of a credit line with Ameriabank. Funding will be available for investments in green technology, especially in climate adaptation and mitigation technologies. Possible investments include technologies such as thermal insulation, photovoltaic solar panels, geothermal heat pumps and water efficient irrigation systems. Businesses can identify typical green technologies available in Armenia through the GEFF Technology Selector.

Companies interested in securing a loan for green technologies may also benefit from investment incentives funded by the Climate Investment Funds (CIF). The GEFF includes a comprehensive technical advisory package, co-financed by the GCF, which helps to originate and verify green investment opportunities.

The new GEFF programme in Armenia was launched in Yerevan today at an event which brought together GEFF stakeholders, including donors, local state officials, local partner financial institutions, suppliers and producers of green technologies for the residential sector.

The EBRD was represented by its Head of Armenia, Dmitri Gvindadze, who commented: “Developing the financial sector and improving access to green finance is one of our key priorities in Armenia. We are pleased to work with Ameriabank and ArmSwissBank to support both energy efficiency and water resource efficiency investments. Today, we have partnered with the ArmSwissBank which has a strong client base, and so we can better reach out to private sector players both in Yerevan and the regions.”

The GEFF programme 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.

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 regions of operations.

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