GCF GEFF Regional - GEFF Armenia II - Inecobank



Project number:


Business sector:

Financial institutions

Notice type:


Approval date:

22 Dec 2020



PSD disclosed:

22 Dec 2020

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

Provision of a senior loan to InecoBank of up to USD 6 million, of which up to USD 4.5 million to be provided by EBRD and up to USD 1.5 million by the Green Climate Fund ("GCF") under the GCFGreen Economy Financing Facility ("GEFF") Regional Framework.

Project Objectives

The proceeds of the loan will be used for financing investments in climate change mitigation and adaptation technologies by local private sector commercial clients, in line with the standards and reporting requirements for GEFF in Armenia. 100 per cent of the loan proceeds will be related toGreen Economy Transition investments.

Transition Impact

ETI score: 75

The project supports the Green TI quality through the provision of funding and know-how to financial intermediaries financing private sector investments in high performing climate change mitigation and adaptation technologies and solutions. This will facilitate Armenia's transition to environmentally sustainable, low-carbon and climate-resilient economy.


Client Information


 Inecobank CJSC is a long-standing partner bank of EBRD. IB is the 5th largest bank in Armenia in terms of total assets  with 6.1% market share as of end Q3 2020.

EBRD Finance Summary

USD 4,500,000.00

Total Project Cost

USD 6,000,000.00


  • InecoBank and its clients will benefit from technical cooperation and the Green Technology Selector to achieve higher standards.
  •  InecoBank will make use of EBRD expertise to enhance women and men's equal opportunity to access finance provided under the GCF-GEFF Regional Framework for the adoption of green technologies and, ultimately, help women and men sub-borrowers build their resilience in the face of a changing climate.

Environmental and Social Summary

Categorised FI (ESP 2019). InecoBank is an existing client of the Bank and has adopted an Environmental Policy and Environmental and Social Procedures that largely satisfy requirements of Performance Requirements (PRs) 2, 4 and 9. InecoBank will need to ensure ongoing compliance with PRs 2, 4 and 9 and submit Annual Environmental and Social Reports to the Bank via FI Sustainability Index, including reporting on sub-projects and their climate change mitigation and climate change adaptation benefits. Beneficiaries financed through the GEFF in Armenia will be required to comply with national requirements for environment, health and safety and labour standards and the E&S eligibility criteria for climate mitigation and climate change adaptation projects as per the Policy Statement.

Technical Cooperation and Grant Financing

The operation will benefit from technical cooperation support in the amount of up to EUR2.4 million, financed by GCF and EBRD Shareholders Special Fund. The objective of the technical cooperation is to assist financial intermediaries in Armenia, including InecoBank, with gender-responsive capacity building, marketing, project assessment and general monitoring and reporting. Furthermore, investment incentives to InecoBank clients, granted by SREP in the amount of up to USD 793,000, will be deployed to stimulate climate change mitigation and adaptation projects with significant positive externality and to encourage early movers to adopt innovative technologies to reach a critical mass.

Company Contact Information

Hayk Voskanyan

PSD last updated

22 Dec 2020

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

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.

Specific requests for information can be made using the EBRD Enquiries form.

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 ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


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