The European Bank for Reconstruction and Development (EBRD) and the world’s largest international climate fund, the Green Climate Fund (GCF), have jointly provided a US$10 million (€9.3 million) loan to Armenian Inecobank for on-lending for green investments to corporates and small and medium-sized enterprises (SMEs).
The EBRD will provide US$7.5 million (€7.0 million) and the GCF will co-finance with US$2.5 million (€2.3 million).
The funds are being provided under the EBRD’s Green Economy Financing Facility (GEFF), a framework designed to support businesses in their green transition journey and in investing in climate-adaptation and mitigation technologies. These technologies also help businesses to enhance their productivity and reduce costs.
Possible investments include technologies that boost the sustainable use of energy and water resources such as thermal insulation, photovoltaic solar panels, geothermal heat pumps, electric vehicles, electric-vehicle-charging infrastructure and water-efficient irrigation systems. Businesses can identify the green technologies available in Armenia through the GEFF Technology Selector.
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Inecobank is one of the leading banks in Armenia and a longstanding partner of the EBRD. Since the start of its operations in Armenia in 1992, the EBRD has invested €2 billion in 210 projects in the country’s financial, corporate, infrastructure and energy sectors, with 92 per cent of those investments in the private sector.