The European Bank for Reconstruction (EBRD) is investing $1.5 mln in lending to projects in Armenia that will support a transition to a more sustainable, low-carbon and climate-resilient economy.

The financial package put together in cooperation with the Green Climate Fund (GCF) 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 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 seek incentives funded by the Climate Investment Funds (CIF).

At the same time, businesses can identify green technologies commonly available in Armenia using the GEFF Technology Selector.

“Improving access to green finance is one of our key priorities in Armenia.

“We are committed to helping firms and residents reduce their energy consumption and thus become more competitive,” explained Dimitri Gvindadze, EBRD Head of Armenia.

Inecobank offers a full range of banking services to individual customers and small and medium-sized enterprises (SMEs) and has developed digital banking solutions to introduce an entirely new banking service culture to Armenia.

Since 1997, the EBRD has invested about €1.5 bln in 187 projects, focusing on developing Armenia’s financial sector, improving municipal and urban transport, developing agribusiness and export-oriented companies, improving the regulatory and institutional framework for sustainable energy, and in the mining sector.