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.

Related Articles

The acquisition of Armenia's Ameriabank by BOGG PLC complete

BOGG PLC, an international financial group based in the UK, has finalized a deal acquiring a 90% stake in Ameriabank, a leading financial institution in Armenia. This acquisition, valued at $303.6mn, ... more

Armenia gives preliminary consent to purchase of Ameriabank by Bank of Georgia

The Central Bank of Armenia's Board has preliminarily approved the acquisition of a significant stake in Ameriabank CJSC by Bank of Georgia Group PLC (BOGG) and Bank of Georgia JSC, according ... more

Ameriabank clinches fourth consecutive title as Armenia's best bank in sustainable financing

Ameriabank has maintained its position as Armenia's leading financial institution for sustainable financing, winning the  title for the fourth year in a row. The recognition is due to the ... more

Dismiss