Categories: Finance

EBRD deepens green finance in Armenia

EBRD and Green Climate Fund extend €2.5 million loan to ArmSwissBank for on-lending to small businesses and continues to work with Ameriabank on already existing credit line.

– 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

– Loan will help clients investing in energy efficiency and water efficiency

Intensifying the efforts to strengthen energy efficiency in Armenia the EBRD is launching 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 successful start of 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, helping to originate and verify green investment opportunities.

The new GEFF programme in Armenia was launched in Yerevan today during 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 to mark the start of the new programme. 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, we can better reach out to private sector players both in Yerevan and in 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.

Share

In Cooperation with Galaxy Group of Companies, Newmag publishes Yuval Noah Harari’s second book in Armenian

The international bestseller, 21 Lessons for the 21st Century, has been translated into Armenian. The book by the world-famous scientist…

1 week ago

Viva-MTS partners with Microsoft to launch the world-leading Azure Stack cloud platform

For the first time in Armenia and South Caucasus region: Viva-MTS partners with Microsoft to launch the world-leading Azure Stack…

1 week ago

Viva-MTS: Borderland villages of Tavush region are in the spotlight of the partner organizations

More streets will get illuminated in Nerqin Karmiraghbyur village. The efforts of the partner organizations to support the borderland village…

3 weeks ago

Viva-MTS: Cinema comes to you, when you can’t go to cinema: IVI.ru: online cinema

Viva-MTS and IVI.ru are happy to announce about a new cooperation. From now on the subscribers of Viva-MTS have the…

4 weeks ago

Ucom Offers “Oodles of Internet” to Its Mobile Voice Service Customers

The new subscribers of Ucom voice services will get twice more gigabytes than intended by their chosen tariff plan within…

1 month ago

The Court has Removed the obstacle for Team LLC to acquire VEON Armenia

On 27.08.2020 The Court of First Instance of General Jurisdiction of the City of Yerevan has upheld/satisfied the solicitation of…

1 month ago

Ucom Offers uKid Smartwatch-Phone for Children at Just 24 900 AMD

At the beginning of the new academic year Ucom offers all parents to acquire a really valuable, useful and practical…

1 month ago

Ucom & Teach For Armenia Partner for Connectivity and Student Leadership

This summer, Ucom partnered with Teach For Armenia to implement a three-week long Virtual Student Leadership Camp that promoted local…

1 month ago

Ucom Upgraded Mobile Network

Starting today, Ucom mobile customers will receive significantly better quality services than they did 2-3 months ago. In the previous…

1 month ago