EBRD and GCF expand green finance in Armenia

Armenia’s private sector will benefit from new resources for green financing thanks to a $6 million financial package put together by the European Bank for Reconstruction and the Green Climate Fund (GCF), which is contributing up to $1.5 million in concessional financing.

The loan to Inecobank is expected to facilitate the country’s transition to a more sustainable, low-carbon and climate-resilient economy. The financing is being provided to Inecobank under the EBRD’s Green Economy Financing Facility (GEFF) for lending to local enterprises for investment in climate-change mitigation and adaptation technologies and services. Eligible projects include investments in technologies such as thermal insulation, photovoltaic solar panels, geothermal heat pumps and water-efficient irrigation systems.

The GEFF includes a comprehensive technical advisory package, co-financed by the GCF, which helps to originate and verify green investment opportunities. Companies interested in securing a loan for green technologies can also avail of investment incentives funded by the Climate Investment Fund. Businesses can identify green technologies commonly available in Armenia using the GEFF Technology Selector.