Senior unsecured loan of up to USD 4 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 maturity will be 4 years, repayable in 5 equal semi-annual instalments following a grace period of 2 years.
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 by 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.
ArmSwissBank (ASB) is the 6th largest bank in Armenia (among 17 banks) with a market share by assets of c. 5.8% as of end-2020.
EBRD Finance Summary
Total Project Cost
Financing structure: EBRD offers financing that is not available in the market (e.g. a longer grace period and tenor than the market average) from commercial sources on reasonable terms and conditions, which are necessary to structure the project.
Innovative financing structures and/or instruments: EBRD offers an innovative green finance instrument that integrates aspects such as upfront cost and relatively longer payback period of green technologies, climate and environmental, social and governance standards and/or climate and ESG risks considerations into the financing structure.
Environmental and Social Summary
Categorised FI (ESP 2019): ASB 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 ASB 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 60) 757-000
(+374 10) 52-95-91
10 Vazgen Sargsyan, Yerevan 0010, Republic of Armenia
PSD last updated
30 Jun 2021
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Environmental and Social Policy (ESP)
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More information on the EBRD’s practices in this regard is set out in the ESP.
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Access to Information Policy (AIP)
The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.
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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).
IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.
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.