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Moscow, Russia, July 6, 2009
—IFC, a member of the World Bank Group, and the United States Agency for International Development are helping Armenian banks develop energy efficiency finance expertise and start lending dedicated to this field. The initiative promises to improve energy efficiency performance of clients and diversify their credit portfolios during times of financial turmoil.
Within the framework of the USAID-funded Commercialization of Energy Efficiency Program, implemented by the US-based Advanced Engineering Associates International Inc. in Armenia, IFC hosted a four-day seminar in Moscow that brought together six Armenian banks. These banks-- - Armbusinessbank, ArmSwissBank, Ameriabank, Ardshininvestbank, Inecobank, and VTB Bank (Armenia)--comprise over 36 percent of the Armenian banking system in terms of assets. The seminar was based on IFC’s unique experience in developing a sustainable energy finance market in Russia by partnering with local financial institutions.
“The event aimed to showcase energy efficiency finance as a commercial opportunity for the Armenian market,” said Tania Lozansky, Head of IFC Advisory Services in Europe and Central Asia. “In these times of economic crisis, it is especially important that banks gain new skills to build strategies for sustainable development and support their clients.”
The Armenian bankers received information first-hand and discussed specific practical issues related to creating this new market. These issues included how to identify and assess energy efficiency projects at an enterprise; how to use financial instruments such as fixed-income lending and project and trade finance to fund the projects; and how to work with vendors and project developers to create cofinancing products. IFC also presented its view on the potential of energy efficiency in Armenian industry compared with that of other countries in the region.
The seminar was organized by RBC Training, a training services provider for businesses. It was financed fully by USAID/Armenia through its Commercialization of Energy Efficiency Program. It provided a great example of cross-country cooperation between international and local organizations looking to create opportunity in the local market.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit
www.ifc.org
.
About CEEP
The USAID-funded Commercialization of Energy Efficiency Program is implemented by Advanced Engineering Associates International – a Boston-based company specializing in energy and environmental consulting projects worldwide. CEEP’s goals are targeted to enhance consumers’ use of energy-efficient technologies from various sectors of the Armenian economy, increase private sector financing for energy efficiency projects, and build the capacity of energy sector small and medium enterprises and banks in financing energy efficiency projects. They also aim to implement a limited number of socially-oriented energy efficiency projects with cofinancing from USAID. For more information, visit
www.aeai.am
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