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Yerevan, Armenia, March 10, 2011
—A new trade fair by IFC, a member of the World Bank Group, showcases products and services to help Armenian businesses reduce their energy consumption and thereby improve efficiency and stimulate growth.
Energy Efficiency Expo 2011, held in Moscow House, Yerevan on March 10-12, is designed to provide solutions for businesses, in particular small and medium enterprises, to become more energy efficient by introducing them to vendors and suppliers of energy-efficient equipment. The exhibition is part of IFC’s regional strategy of integrating its investment and advisory services to help companies become more resource efficient and profitable.
According to the IFC report
Energy Efficiency: A New Resource for Sustainable Growth
, the Armenian industrial sector could save up to 14.5% of energy costs by further improving energy efficiency. The 100 companies surveyed indicated plans to invest more than $35 million in energy efficiency in the short term, which represents a market potential of more than $200 million in Armenia.
“When enterprises use old or obsolete equipment, they have higher operating costs and energy expenditures,” said Thomas Lubeck, IFC Regional Head for the Caucasus. “They also waste significantly more energy, thus contributing to climate change. IFC’s priority is to help companies in the region to become more energy efficient and competitive, and the Armenia Energy Efficiency Expo provides a good opportunity for companies to learn about the latest energy efficiency technologies and products, as well as for the vendors to network with potential customers.”
To stimulate market interest and promote sustainable energy finance, the exhibition also targets banks and universal credit organizations that are planning to develop energy efficiency financing products. The Energy Efficiency Expo is funded by IFC Armenia Sustainable Energy Finance project and presented by ExpoMedia Center of Exhibition Projects. IFC Armenia Sustainable Energy Finance Project is run in collaboration with the Austrian Ministry of Finance.
Since Armenia became a member of IFC in 1995, IFC has invested $110 million in 24 projects across industries, including financial markets, general manufacturing, and mining. IFC Advisory Services provides advice through projects focusing on the financial sector, sustainable energy, and investment climate regulatory simplification.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit
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