News
Show news feed

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.

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 on Februart 19 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.

Since 2006, the EBRD has committed over €26 billion to projects furthering the transition to the green economy across the currently 38 economies where it invests.

In addition the EBRD handed over awards to six best energy efficiency projects in Armenia.

During the official ceremony in Yerevan on February 19, the EBRD and its partners have awarded the best energy efficiency and renewable energy projects financed in Armenia through the EBRD Energocredit facility.

In response to continuing high demand, the EBRD has started a new phase of the programme in Armenia, the Green Economy Financing Facility (GEFF), which was officially launched on the 19th February 2019 during the Gala event attending by the Senior Government Officials as well as all partner banks and representatives of the European Union Delegation and the EBRD.

The awards ceremony recognised six best energy efficiency projects for their contribution to significant reductions of greenhouse gas emissions in Armenia as well as seven Energocredit partner banks for their continued commitment to financing green energy projects.

Since the launch of Energocredit in 2013, Armenian companies received over €27 million in green financing through seven local banks – Ameriabank, ACBA Leasing CO, Inecobank, ACBA-Credit Agricole Bank, HSBC Bank Armenia, Armswissbank, SEF International.

The programme will include an EBRD GEFF consultancy services based in Yerevan, co-financed by Green Climate Fund (GCF), working to support Armenian private businesses across the country in securing funding from local banks for industrial energy efficiency and renewable energy investments.  In addition, the facility will offer attractive incentives of up to 20 per cent cash back on qualifying investments provided by grant funding from Climate Investment Funds (CIF).

The winners of the 2019 Energocredit Awards:

Excellent Impact Award presented to:

Armyanksiy Urozhai LLC;

Grand Sport LLC;

Lentex LLC;

Hytex Plastic CJSC;

Masis Poultry LLC;

Armsweet LLC.

Change Agent Award presented to:

Ameriabank CJSC – supporting green investment in a greenhouse

ACBA Leasing CO CJSC – supporting green investment in renewable energy

Inecobank CJSC – supporting green investment in the textiles industry

ACBA-Credit Agricole Bank CJSC – supporting green investment in the residential sector

HSBC Bank Armenia CJSC – supporting green investment in packaged goods

Armswissbank CJSC – supporting green investment in the food sector

SEF International LLC – supporting green investment through microfinance

!
This text available in   Հայերեն and Русский
Print
Read more:
All