Ameriabank signs $ 20 million loan agreement with EBRD

ArmInfo. Ameriabank has entered  into a loan agreement with the European Bank for Reconstruction and  Development (EBRD) for $ 20 million, of which $ 12.5 million under  the Green Economy Financing Program (GEFF). The loan will help SMEs  and corporations to invest in green technologies ("green  technologies").

The press service of Ameriabank told ArmInfo that Ameriabank became  the first partner of the European Bank in Armenia to receive a loan  under this program. The loan under the GEFF program provides  Ameriabank with the European Bank for Reconstruction and Development  and the Green Climate Fund (GCF - Green Climate Fund).

According to the source, the Green Economy financing mechanism helps  enterprises to invest in climate change adaptation and mitigation  technologies, which also contributes to increasing their productivity  and reducing costs.  Ameriabank is one of the leading banks in  Armenia and has been cooperating with the EBRD since 2010, financing  SMEs, energy efficiency projects under the Caucasus Energy Efficiency  Program (CEEP), women under the leadership of the EBRD Women in  Business program and local entrepreneurs trade.  Ameriabank is well  positioned to reach SMEs, corporations, technology providers,  manufacturers, suppliers and installers who can benefit from green  technologies.

Since its inception in Armenia in 1992, the EBRD has invested 1.2  billion euros in 168 projects in the financial, corporate,  infrastructure and energy sectors of the country.  Moreover, 88% of  investments are directed to the private sector. Since 2006, the EBRD  has allocated more than 26 billion euros for projects to transition  to a green economy in all 38 operating markets.

Note that the GCF (Green Climate Fund) is jointly funded by EBRD and  the Green Climate Foundation.  GCF is the largest international  climate fund established in 2010 under the United Nations Framework  Convention on Climate Change. GCF supports low-emission and  climate-mitigation programs in developing countries.