Small and medium-sized businesses in Armenia will be able to take up affordable loans to install solar and other green technology thanks to a $6 million (€5.02 million) finance package announced by the European Bank for Reconstruction and Development (EBRD).
The London-based development lender announced the move yesterday in a press release which suggested it would top up the “up to $1.5 million” of concessional-rate loans being offered to the country by the UN's Green Climate Fund.
The private-sector loan package will be distributed by Armenian lender Inecobank, in which the EBRD holds a 22.7% stake.
The International Renewable Energy Agency (IRENA) has estimated there was just 95 MW of grid-connected solar generation capacity in Armenia at the turn of the year.
The EBRD yesterday said it had invested more than €1.5 billion in 187 projects in Armenia to date.
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