| Project Detail |
Location: Armenia Project number: 55804 Business sector: Financial institutions Notice type: Private Environmental category: FI Approval date: 05 Nov 2024 Status: Approved English-language PSD published: 10 Dec 2024 Provision of a senior loan to Converse Bank CJSC (CB) of up to USD 3 million, of which up to USD 2.25 million to be provided by the European Bank for Reconstruction and Development (EBRD) and up to USD 0.75 million by the Green Climate Fund (GCF) under the GCF-Green Economy Financing Facility (GEFF) Regional Programme. Project Objectives The proceeds of the loan will be used for financing investments in climate change mitigation and adaptation technologies by local private sector commercial sub-borrowers in a gender-responsive way, in line with the standards and reporting requirements for the GEFF in Armenia. 100% of the loan proceeds will be related to Green Economy Transition investments. In addition to long-term financing, eligible subborrowers will benefit from investment incentives upon successful completion of their investment projects. CB will benefit from Technical Cooperation (TC) in form of trainings, capacity building and support for project implementation from the dedicated programme consultants. The Projects use of proceeds may include solar sub-projects. Such sub-projects will be managed in line with The Proposed Management Approach for Solar Supply Chain Risk Management (CS/FO/21-35), (CS/FO/21-35 (Add 2)) and any subsequent guidance developed under that approach. |
