EBRD’s Energocredit Programme Provides Financing to Armenian Businesses for Energy Efficient Investment


Yerevan, Armenia. EBRD’s Energocredit programme held an Energy Efficiency Forum for Armenia’s businesses under the umbrella of EU4Energy initiative by the European Union Delegation to Armenia during the EU Energy Days. The forum opened a discussion among major stakeholders and local businesses about financing opportunities and benefits of energy efficient investment.


The forum hosted representatives of Energocredit donor institutions such as the European Bank for Reconstruction and Development (EBRD), the European Union Delegation to Armenia, and the RA Ministry of Energy as well as leadership from partner banks, businesses, public institutions, business networks and associations.  


Energocredit is a dedicated programme of EBRD and funded by the donors European Union (EU) and the Austrian Ministry of Finance.


“The EBRD is committed to build a sustainable, competitive economy – here in Armenia as much as elsewhere,” says Mark Davis, Head of the EBRD’s Yerevan office. “The work that we do with our partners to help businesses and households identify and finance the right energy efficiency measures is a vital part in this process.”


“Energy efficiency and renewable energy are in the basis of the EU commitment to mitigate global warming changes. We believe that the Government of Armenia will launch incentives for energy efficient investments and the EU will support the Government and the citizens of Armenia to contribute to Armenia's efficient and independent use of alternative energy resources,” mentioned Hoa-Binh Adjemian, the Head of Cooperation Section of the Delegation of the European Union to Armenia.


In times of rising energy prices, efficiency becomes a priority for businesses. To support business with cutting energy use and costs Energocredit provides financing tools for investing in efficient equipment in various sectors and industries such as agriculture, construction, production, transport and others. The best practice cases from Armenia presented at Energocredit forum demonstrated that investing in energy efficient equipment can bring long-term benefits and save up to 60% of regular energy costs. The saved money and energy can be reinvested in other priority areas of a business to ensure its sustainability and to save the environment. The financing for corporate loans is carried out with the help of partner banks and financing institutions in Armenia, such as HSBC Armenia, Ameria Bank, ACBA Credit Agricole Bank, ACBA Leasing, Inecobank, SEF International, and ArmSwissBank.


Energocredit provides also residential loans to individuals to do energy efficient housing renovation and to purchase energy saving equipment for cutting energy costs of heating, air conditioning and electricity use. This investment helps the households to reduce energy consumption to save both money and the environment.


In the past three years, Energocredit financed in Armenia more than 9,000 households and 17 companies with loans worth 15 million EUR for energy efficient investments. With this investment amount, clients were able to save around 128 GWh energy per year. This equals to the annual energy demand of approximately 10,000 households.


About Energocredit

Energocredit is a programme of the European Bank for Reconstruction and Development (EBRD) in the Caucasus region. Together with participating local fi­nancial institutions, Energocredit finances en­ergy efficiency and renewable energy projects of businesses and individuals. The Energocredit loan package offers additional benefits as a cash back payment and free technical expert advice. The European Union Neighbourhood Invest­ment Facility rewards the environmentally friendly investments with 10 or 15% cash back of the loan amount, the expert advice is provided by the Aus­trian Ministry of Finance. Detailed information and support:  http://www.energocredit.am.

For media inquiries, please contact:

Tatevik Avetisyan at + 374 93 76 16 83; tatevik.avetisyan@energocredit.com