Ardshinbank has attracted $20 million in loans from The Global Climate Partnership Fund (GCPF). The funds raised will be used to increase credit investments in energy efficiency and renewable energy projects, mostly for solar panels financing. The sub-loans can be typically addressed to households, SMEs, large corporations as well as municipal entities.
“Demand for electric energy is growing all over the world. Armenia is developing solar energy in search for alternative energy sources. This sector boasts great development prospects taking into account the number of sunny days in Armenia. Ardshinbank is fully committed to implementing green lending and green energy projects in our country, supporting construction and refurbishment of small hydroelectric power plants. In the meantime, the Bank is well poised to finance power plants with much greater capacity. Over the past year alone, loans worth about $30 million were issued for these purposes. The new funds will help us drastically expand our investment opportunities in the Armenian economy, in particular, by providing green loans to legal entities for the purchase and installation of solar panels,” Mr. Artak Ananyan, the Chairman of the Board of Ardshinbank said.
A. Ananyan asserted that Ardshinbank strives to make the principles of environmental friendliness part of its culture: “The Bank will continue to support its clients in their desire to use clean energy by developing new energy efficiency products and increasing awareness of green energy among its clientele,” the Chairman of the Board of Ardshinbank said in conclusion. GCPF is a Luxembourg-based investment vehicle which pursues the mission to invest in RE and EE projects in emerging and developing economies globally with the goal to reduce energy consumption and/or CO2 emissions. The Fund brings together public and private investors. Ardshinbank CJSC is one of Armenia’s leading banks. The Bank has been repeatedly recognized as the best Armenian bank by renowned international publications. In 2020, the Global Finance magazine named Ardshinbank the “Best Bank of the Year,” as well as the “Safest Bank of the Year” in Armenia.
Ardshinbank was also recognized by British Euromoney Institutional Investors’ “Euromoney” magazine as the “Best Bank of Armenia 2020.” “Тhe Banker'” of Financial Times recognized the issue of Ardshinbank’s Eurobonds as the “Deal of the Year” in Europe in 2020. Ardshinbank CJSC was crowned “The Domestic Retail Bank of the Year – Armenia” by Asian Banking & Finance (ABF) on 2021.
