Armenian Ararat Bank receives $5mn from GGF to boost green finance in Armenia

By bne IntelliNews January 18, 2024
The Green for Growth Fund (GGF), an impact investment fund advised by Finance in Motion, is providing a $5mn loan facility to ARARATBANK, the leading Armenian SME bank. The aim of the partnership is to expand the GGF's network of local partners and provide support to green lending initiatives for SMEs and retail customers, in support of sustainable development in Armenia.
 
These funds are expected to help meet growing demand for green investments across key sectors including agriculture, food processing, manufacturing and construction. Furthermore, it will aid individual households in adopting energy-efficient systems and eco-friendly practices, including the implementation of small renewable energy measures. 
 
The fund provides more than just financing; it also includes a technical assistance (TA) package designed to enhance ARARATBANK's ability to lend for green projects, drawing on GGF's extensive experience and expertise in the field. This aligns with GGF's mission to promote sustainable finance practices and demonstrates a holistic approach to supporting ARARATBANK's commitment to green initiatives.
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