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IFC Helps Byblos Bank Armenia Provide Mortgages and Energy-Efficiency Loans

Yerevan, Armenia, March 27, 2012 —IFC, a member of the World Bank Group, is partnering with Byblos Bank Armenia to help the lender to expand mortgage lending and provide more loans to homeowners who want to make their residences energy efficient, helping Armenians save power and reduce greenhouse gas emissions.
IFC is providing the bank with a $10 million loan to increase access to housing finance and support Armenia’s first energy-efficiency lending packages offered by a local bank. Byblos Bank Armenia will design its energy-efficiency products with advisory support from IFC’s Armenia Sustainable Energy Finance Project.
“By promoting energy efficiency and energy-efficient lending products, we can help homeowners in Armenia reduce their annual energy bills, lead more environmentally-friendly lifestyles, and improve the comfort and safety of their homes,” said Ararat Ghukasyan, Chief Executive Officer of Byblos Bank Armenia.  “This is the first funding of this nature in Armenia and shows that energy efficiency is important to both Byblos Bank Armenia and our clients.”
Tomasz Telma, IFC Director for Europe and Central Asia, said, “Our strategy in Armenia is to increase access to finance, including energy-efficiency finance, and to encourage sustainable economic growth, support job creation, and diversify the country’s economic base. By working with financial intermediaries such as Byblos Bank Armenia, we can achieve significant development impact in a country that relies heavily on energy imports."
IFC will provide training for Byblos Bank Armenia credit officers and risk specialists on assessing risks and processing energy-efficiency loan applications. Armenia, a country with few fossil fuel resources, has strong demand for energy efficiency because of the high cost of energy.
Since Armenia became a member of IFC in 1995, IFC has invested $202 million in 35 projects across  several industries, including financial markets, manufacturing, and mining. IFC Advisory Services also provides advice through projects focusing on the financial sector, sustainable energy, and regulatory simplification. IFC’s Armenia Sustainable Energy Finance Project is being implemented in partnership with the Austrian Ministry of Finance.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit .
About Byblos Bank Armenia
Byblos Bank Armenia is an independent subsidiary of Byblos Bank, a universal bank headquartered in Lebanon and operating in 12 countries across Europe, the Middle East, and Africa. Byblos Bank Lebanon has been an IFC client since 1993 and IFC currently holds an 8.4 percent equity stake in the company.  Since 2007, Byblos Bank Armenia has provided services and products in consumer, commercial, and correspondent banking, as well as in treasury and capital markets. It aims to fulfill the financial needs of Armenian nationals and the Armenian diaspora in the USA, Europe, Lebanon, Syria, and other parts of the world. For more information about Byblos Bank Armenia, visit
For information about the Austrian Ministry of Finance, visit .
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