Yerevan, Armenia, June 26, 2012—IFC,
a member of the World Bank Group, with the support of the Government of
Canada, is helping HSBC Bank Armenia expand its financing of renewable
energy and energy efficiency projects, promoting the efficient use of resources
and reducing greenhouse gas emissions.
IFC will provide $15 million in financing
to the bank, including up to $4 million from the IFC-Canada Climate Change
Program. That will help the bank support hydro power plants and provide
loans to small and medium enterprises interested in investing in energy
efficient technologies. IFC will also provide HSBC Bank Armenia with
advisory support. The initiative is expected to help Armenian companies
become more resource efficient, profitable, and competitive.
“This partnership with IFC will help
us take a leadership role in combating climate change,” said Astrid Clifford,
HSBC Bank Armenia CEO. “We believe that the potential for development
of sustainable energy finance in Armenia is significant and aim to offer
our services to companies that plan to go green.”
Peter Kent, Canada’s Environment Minister,
said, “The global challenge of climate change requires a global solution,
and Canada is proud to support environmental efforts such as these.”
Thomas Lubeck, IFC Regional Manager
for the South Caucasus, said, “Increasing sustainable energy use will
provide Armenia with environmental and economic benefits. Those include
reducing the country’s dependence on imports of fossil fuels and improving
the quality of life through reduced pollution.”
IFC’s partnership with HSBC Bank Armenia
is part of a strategy in Europe and Central Asia aimed at combating climate
change. In addition to investments, IFC provides advisory services to
businesses through the IFC Armenia Sustainable Energy Finance Project,
supported with funds from the Austrian Ministry of Finance.
Since Armenia became a member of IFC
in 1995, IFC has invested $202 million in 35 projects across the country,
focusing on several industries, including financial markets, manufacturing,
and mining. IFC Advisory Services also provides advice through projects
focused on food safety practices, the financial sector, and regulatory
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, providing advisory services to businesses and
governments, and mobilizing capital in the international financial markets.
In fiscal 2011, amid economic uncertainty across the globe, we helped our
clients create jobs, strengthen environmental performance, and contribute
to their local communities—all while driving our investments to an all-time
high of nearly $19 billion. For more information, visit www.ifc.org.
About the IFC-Canada Climate Change
The IFC-Canada Climate Change Program promotes private sector financing
for clean energy projects. Canada’s financing to IFC for this program
is part of its overall fast-start financing contribution for 2010–2011.
Under the Copenhagen Accord, developed countries committed to provide fast-start
financing of almost $30 billion for 2010–2012 to support climate change
mitigation and adaptation in developing countries. As part of Canada’s
commitment to support climate change action in developing countries, Canada
is contributing 1.2 billion Canadian dollars in new and additional climate
change financing over three years (fiscals 2010-2013).
About HSBC Bank Armenia
HSBC Bank Armenia was the first international bank to open in Armenia,
entering the market in 1996. HSBC Bank Armenia today has more than 35,000
individual customers and almost 5,000 corporate clients. It has 398 employees
at nine branches and offices in Yerevan along with one of the city’s largest
ATM networks. HSBC in Armenia has grown its assets to $464 million today
from $5 million in 1996.
For information about the Austrian
Ministry of Finance, visit http://english.bmf.gv.at.