As a continuation of its successful cooperation with local financial institutions, the EBRD has signed two new contracts, thus welcoming Inecobank and ACBA Leasing to the Green Economy Financing Facility in Armenia.
Inecobank has been collaborating with the EBRD since 2005, having participated in SME and trade facilitation programmes. The GEFF Loan Agreement between the EBRD and Inecobank will make US$ 2.5 million available for energy efficiency and renewable energy projects though its 24 branches in Yerevan, Abovyan, Artashat, Ashtarak, Hrazdan, Gyumri, and Vanadzor.
ACBA Leasing has participated in various EBRD green lending and SME development financing projects since 2008. The sum being made available by this contract totals US$ 2 million, which is now accessible for leasing purposes.
GEFF funding is available for investments in green technologies, i.e. high performing technologies with at least 20% higher energy savings/CO2 reduction than the market average. Companies interested in securing a loan for renewable energy projects to cover their own energy needs will also benefit from investment incentives funded by the Climate Investment Funds (CIF). Loan recipients will receive a comprehensive complimentary technical advisory package, co-financed by the Green Climate Fund (GCF), in order to help them identify green investment opportunities and uncover their full savings potential.
“By signing two new agreements with local financial institutions, the EBRD is making green finance geographically more accessible in Armenia. Businesses now have access to more than 1,600 green technologies available in Armenia through the GEFF Technology Selector (TS) online catalogue”, says the GEFF in Armenia Project Manager Gernot Kuhlisch.
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