On 3 March, 2020, the online working seminar summarizing results of the first phase of GCF- funded (Green Climate Fund, with headquarters in Incheon City, South Korea) “Scaling up green finance practices in the Republic of Armenia” project were presented to and discussed with the program beneficiaries.

Over 60 participants from program beneficiary institutions (representatives from Ministry of Environment, Ministry of Economy, Central Bank of Armenia, International Financial Organizations, commercial banks and non-banking financial institutions) attended the seminar.

During the second half of the 2020, the team comprised of international and local experts, as well as a specialized consulting company carried out comprehensive mapping of “green finance” practices by local financial institutions (17 banks and 16 universal credit organizations), identified key policy and capacity constraints of these companies, and surveyed entrepreneurs and private households to identify and categorize their experience.

Board Member of the Central Bank of Armenia and Board Member of this programme, Ms. Hasmik Ghahramanyan has briefly shared CBA’s vision about enabling the framework for promotion of green finance practices in Armenia and underlined importance of ongoing Readiness & Preparatory Support project in advancing national capacities.

During his address to seminar attendees, GCF Financial Institutions Manager, Mr. Leo Park has commended Armenia’s efforts aimed at more proactive participation within multilateral development frameworks and climate funds aimed at channeling “green finance”.

Summarizing the results of the first phase, international expert of the Project and Director for Sustainable Finance Business Development of UK-based Globalfields consultancy, Mr. Andreas Biermann has particularly underlined that “Armenia needs to design rigorous policy and regulatory frameworks that are based on international best practices and provide necessary support to banks and private sector entities in attracting concessional funding from international markets.”

The participants of the seminar were also informed about planned next milestones of the Project and expressed interest in active participation in the activities.

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Within that overall strategy, the Government of Armenia through the Ministry of Environment (Designated National Authority) has requested support of Green Climate Fund (GCF) within the framework of Readiness and Preparatory Support Programme to implement comprehensive assessment of the constraints for further expansion of “green finance” practices, mapping of available instruments and to come up with comprehensive set of methodological, awareness raising and capacity building interventions.

The “ARMSWISSBANK” CJSC, one of the leading Armenian banks awarded the contract for implementation of “Scaling up Green Finance Practices in the Republic of Armenia” Project, also seeks accreditation with GCF.

For further inquiries please call +374 60 757 000.