Armenia

Map of Armenia

Country Initiatives Details

Sustainable Energy Financing in Armenia

Canada’s Total Contribution: $8,000,000

Targeted Countries: Armenia

Funding Period: 2010/2011

Project Funded through a Canadian Facility: IFC - Canada Climate Change Program (CCCP)

Delivery Partner(s):

Description

The IFC-Canada Climate Change Program provided support for investment in renewable energy (RE) and energy efficiency (EE) technologies in Armenia. Through the provision of financing to a local bank, this project is expected to reduce initial entrant market barriers and promote the uptake of similar investments by other financial institutions. It is complemented with IFC Advisory Services to help the bank build the internal capacity to screen, appraise, and monitor sustainable energy projects.

Results/Expected Outcomes

The project will provide the needed long term funding for investments in renewable energy and energy efficiency sub-projects through an experienced and capable bank, contributing to the deepening of financial intermediation in Armenia. It will also help Armenian companies to improve their resource efficiency and competitiveness, in addition to supporting job generation. With support from Canada, this project is expected to mobilize an additional $22 million in co-financing from public and private sources and lead to an estimated greenhouse gas emissions reduction of 14,800 metric tons of CO2 per year.* To date, the bank has developed a portfolio of nine energy efficiency loans in the agriculture, food and beverages, and manufacturing and mining industry sectors.
Co-Financing/Mobilized Finance (CAD$): $22,000,000
Estimated GHG (metric tons of CO₂) Reduction Associated with Project (per year)Disclaimer *: 14,800
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