Yerevan, Armenia, May 19, 2011—IFC,
a member of the World Bank Group, and the Ministry of Energy and Natural
Resources of Armenia signed a cooperation agreement today to increase the
efficiency of Armenia’s energy system by introducing new renewable energy
The Armenian government’s forward-looking energy strategy has led to a
significant increase in the number of small hydropower plants and renewable
energy generators in Armenia. However, there is a need to ensure the reliability
and secure operations of the national power grid. IFC Armenia Sustainable
Energy Finance Project will help Armenia develop reliability indicators
based on the best international practices and adapted to the domestic power
system. Reliability indicators will set basic technical normative requirements
to securely operate the power system in standard and emergency situations.
“IFC is helping the Ministry develop reliability indicators that will
not only significantly enhance the security of the power system, but also
better integrate new renewable energy capacities into the overall system,”
said Tigran Parvanyan, IFC Armenia Sustainable Energy Finance Project Manager.
IFC Armenia Sustainable Energy Finance Project is designed to establish
a sustainable market for energy efficiency and renewable energy investments
and contribute to the energy self-sufficiency of Armenia. The project,
launched in January 2010, is implemented with financial support from the
Austrian Ministry of Finance. It is part of a broader IFC initiative in
Europe and Central Asia to help companies and governments become more resource
efficient and stimulate investment into renewable energy.
Since Armenia became a member of IFC in 1995, IFC has invested $110 million
in 24 projects across industries, including financial markets, general
manufacturing, and mining. IFC Advisory Services provide advice through
projects focusing on the financial sector, sustainable energy, and investment
climate regulatory simplification.
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in developing countries. We create
opportunity for people to escape poverty and improve their lives. We do
so by providing financing to help businesses employ more people and supply
essential services, by mobilizing capital from others, and by delivering
advisory services to ensure sustainable development. In a time of global
economic uncertainty, our new investments climbed to a record $18 billion
in fiscal 2010. For more information, visit www.ifc.org.
To learn more about the Austrian Ministry of Finance, visit