The purpose of financing is to develop the cooperation between International Financial Institutions (IFIs) and domestic tourism and residential energy efficiency, with a particular focus on rural tourism, agricultural programs, and renewable energy projects. One of Armenia’s leading banks in IFI financing, ACBA Bank, is collaborating with the Green for Growth Fund (GGF), a social impact investment fund managed by Finance in Motion, to provide a $5 million loan from the United States. This collaboration aims to expand GGF’s network in Armenia and further support sustainable activities related to renewable energy and energy-efficient technologies.

This financing will enable ACBA Bank to meet the increasing demand for energy-efficient spending in various fields, including rural tourism, food processing, production, and construction. It will also contribute to improving domestic living conditions by promoting the adoption of energy-efficient systems and environmentally friendly practices, such as the use of renewable energy sources. Additionally, the cooperation between GGF and ACBA Bank includes a Technical Assistance (TA) package, which aims to enhance ACBA Bank’s capacity to leverage GGF’s extensive experience and expertise in the field. This demonstrates GGF’s commitment to expanding its impact on sustainable finance and supporting ACBA Bank’s overall development goals.

Christoph Noeulz, the Director of GGF, expressed his enthusiasm for continuing the partnership between GGF and ACBA Bank, stating, “We are delighted to strengthen our collaboration with ACBA Bank, as it aligns with our shared objective of promoting sustainable development in Armenia. This financial investment reflects our commitment to sustainable and environmentally friendly practices, as well as the growth and development of Armenia’s sustainable tourism and clean energy sector.”

This news article is also available in English.