Provision of a senior unsecured loan to ACBA bank of up to USD 5 million under the GCF GEFF Regional Framework in Armenia ("GEFF Programme"), with 75% to be provided out of EBRD resources and 25% by Green Climate Fund ("GCF").
The loan will contribute to the objective of building a green economy in Armenia by on-lending to private sector sub-borrowers for investments into climate change mitigation and adaptation technologies and services in line with GCF GEFF Policy Statement.
ETI score: 75
Facilitation of the accelerated market penetration of climate technologies, particularly focusing on promotion of renewable energy/energy efficiency/climate resilient technologies including solar PV, solar thermal, geothermal heat pumps and biogas technologies.
ACBA BANK OJSC
ACBA bank is a long-standing partner bank of EBRD since the first engagement in 2003 and one of the leading banks in Armenia. It is the 4th largest bank in Armenia in terms of total assets with a dominant position in lending to agriculture and MSMEs in rural areas in particular. The bank belongs to the local shareholder ACBA Federation CJSC (non-profit organization, which consolidates 10 Agri unions in Armenia), which currently owns 95% of shares, while Sacam International SJSC owns the remaining 5%.
EBRD Finance Summary
Total Project Cost
EBRD offers an innovative green finance instrument that integrates aspects such as climate and environmental, social and governance ("ESG") standards and/or climate and ESG risk considerations into the financing structure.
Environmental and Social Summary
Categorised FI (ESP 2019): ACBA bank will be required to continue to comply with PRs 2, 4 & 9, implement the applicable environmental and social procedures and submit annual ennvironmental and social reports to the Bank.
Technical Cooperation and Grant Financing
TC: The project will be supported by a comprehensive TC package funded by the EBRD SSF and GCF. The objective of the TC is to assist ACBA bank with capacity building, implementation and monitoring of the programme.
- Sub-projects will be eligible for incentive grants (up to 20% of the lower of the investment cost or the respective disbursed sub-loan amount).
- Grant equivalent of GCF concessional funding: GCF's pricing will be discounted at 80% of the EBRD's in order to support the GEFF's overall pricing.
Company Contact Information
+ 374 10 31 8888
82-84 Aram str. / 0002 Yerevan / Republic of Armenia
PSD last updated
30 Apr 2021
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Environmental and Social Policy (ESP)
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Independent Project Accountability Mechanism (IPAM)
If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).
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Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM via email firstname.lastname@example.org to get guidance and more information on IPAM and how to submit a request.