CEE Energy NewsWatch Today
Thursday
EBRD launches new green economy financing facility for Armenia
The European Bank for Reconstruction and Development (EBRD) launched a new Green Economy Financing Facility (GEFF) for Armenia, co-financed by the Green Climate Fund (GCF), on February 19.
ArmSwiss Bank, which is the second bank in Armenia to join the GEFF scheme, will receive a (EURO)2.5mn loan for lending to small and medium-sized enterprises (SMEs) and corporates. The first bank to benefit from GEFF in Armenia was Ameriabank.
The EBRD said it is stepping up its efforts to strengthen energy efficiency in Armenia. Funding will be available for investments in green technology, especially in climate adaptation and mitigation technologies, the EBRD said.
The development bank went on to outline potential investment areas, which include thermal insulation, photovoltaic solar panels, geothermal heat pumps and water efficient irrigation systems.
"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," commented the EBRD's head of Armenia, Dmitri Gvindadze, according to a statement from the bank.
"Today, we have partnered with the ArmSwissBank which has a strong client base, and so we can better reach out to private sector players both in Yerevan and the regions."