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.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.