The European Bank for Reconstruction and Development (EBRD) has launched the new Green Economy Financing Facility (GEFF) programme, co-funded by the Green Climate Fund (GCF), to further deepen the efforts aimed at increasing the energy efficiency.

EBRD and the Green Climate Fund provided a EUR 2.5 million loan to Armswissbank for small business lending, having already secured cooperation with Ameriabank.

SMEs and corporate companies can be the main beneficiaries of the loan provided to   Armswissbank.

It is the second bank to join GEFF, after the 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.

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.

 “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, so we can better reach out to private sector players both in Yerevan and in the regions,” said Head of EBRD Armenia Dmitri Gvindadze.

On February 19, ERBD held the official launching ceremony of the new GEFF programme and awarded the best energy efficiency and renewable energy projects financed in Armenia through the EBRD Energocredit facility.

Since the launch of Energocredit in 2013, Armenian companies received over EUR 27 million in green financing.

The winners of the 2019 Energocredit Awards:

Excellent Impact Award was presented to:

- Armyanksiy Urozhai LLC,
- Grand Sport LLC,
- Lentex LLC,
- Hytex Plastic CJSC,
- Masis Poultry LLC,
- Armsweet LLC.

Change Agent Award was presented to:

- Ameriabank CJSC for supporting green investment in a greenhouse,
- ACBA Leasing CO CJSC for supporting green investment in renewable energy,
- Inecobank CJSC for supporting green investment in the textiles industry,
- ACBA-Credit Agricole Bank CJSC for supporting green investment in the residential sector,
- HSBC Bank Armenia CJSC for supporting green investment in packaged goods,
- Armswissbank CJSC for supporting green investment in the food sector,
- SEF International LLC for supporting green investment through microfinance.

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

Since the start of its operations in Armenia in 1992, the EBRD has invested EUR 1.2 billion in 168 projects in the country’s financial, corporate, infrastructure and energy sectors, with 88% of investments allocated in the private sector.