Armenia’s private sector will benefit from new resources for green financing thanks to a US$ 10 million financial package put together by the EBRD in cooperation with the European Union (EU) and the Green Climate Fund (GCF) to facilitate the private sector’s transition to more sustainable, low-carbon and climate-resilient practices.
US$ 5 million of the package is being provided to ACBA Bank under the EBRD’s GEFF programme and another US$ 5 million, under the first EU4Business – EBRD credit line with incentives for on-lending to local enterprises for investments in climate-change mitigation and adaptation as well as for upgrading technologies and services to EU standards while promoting the use of green technologies.
ACBA Bank is the second Partner Financial Institution (PFI) to join the II-nd phase of the GEFF programme in Armenia. In the I-st phase, starting from May 2019, the bank already contributed to creating a greener Armenia with US$ 2 million funds. The impact of the financed investments is the production of 3.6 GWh/year of clean energy and reduction of GHG by 1,864 tonnes/year.
ACBA Bank is among the leading banks in Armenia, offering a full range of services to individuals and SMEs. It is the fourth-largest bank in Armenia in terms of assets, with a dominant position in lending to the agricultural sector and micro, small and medium-sized enterprises in rural areas.
The EBRD is a leading institutional investor in Armenia. The Bank has invested more than €1.51 billion in 189 projects in the country’s financial, corporate, infrastructure and energy sectors, with 88 per cent of those investments in the private sector.
Source: EBRD
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