Yerevan, Armenia, May 18, 2010—IFC,
a member of the World Bank Group, is helping Armenian financial institutions
develop sustainable energy finance products, thereby increasing renewable
energy generation and lowering electricity waste and greenhouse-gas emissions.
As part of IFC’s regional strategy
to address climate change and promote energy efficiency and renewable energy
markets, IFC’s Armenia Sustainable Energy Finance Project hosted a seminar
on energy efficiency and renewable energy financing opportunities for Armenian
banks and leasing firms. Since Armenia imports two-thirds of its energy
from abroad, developing renewable energy sources and unlocking energy efficiency
potential is a top priority for the country.
IFC experts discussed the key findings
of the energy efficiency survey conducted by IFC among Armenian industrial
companies. They also presented IFC’s approach to addressing the challenges
based on work with Russian banks under the IFC Russia Sustainable Energy
“There is huge potential for energy
efficiency in Armenian industry, and tapping into that resource will be
beneficial both for companies and the financial institutions in the country,”
said Tigran Parvanyan, Armenia Sustainable Energy Finance Project Manager.
“Renewable energy also plays a critical role in decreasing dependence
on imported fuel and raising Armenia’s energy security.”
The Armenia Sustainable Energy Finance
Project aims to establish a sustainable market for energy efficiency and
renewable energy investments and contribute to Armenia’s energy self-sufficiency
by working with local and international financial institutions. The project’s
main goal is to facilitate at least $35 million of energy efficiency lending
and renewable energy investments, decreasing greenhouse-gas emissions,
improving the energy efficiency of small and medium enterprises, and increasing
the share of renewable energy resources in Armenia’s energy generation
portfolio. The project was launched in January 2010 and is run in partnership
with the Austrian Ministry of Finance.
IFC has been investing in Armenia since
2000 to support financial institutions, small retailers, and the hotel
industry, among others. It also has implemented advisory projects to strengthen
the financial sector, establish a sustainable market for energy efficiency
and renewable energy investments, and improve the country’s business
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing capital for private enterprise, and providing advisory and risk
mitigation services to businesses and governments. Our new investments
totaled $14.5 billion in fiscal 2009, helping channel capital into developing
countries during the financial crisis. For more information, visit www.ifc.org.
For more information about the Austrian
Ministry of Finance, visit http://english.bmf.gv.at.