Tue, 1 July
18.1 C
Yerevan
USD: 384.47 RUB: 4.90 EUR: 450.83 GEL: 141.25 GBP: 526.80

EBRD and European Union to help Armenia develop green economy

YEREVAN, February 19. /ARKA/. The European Bank for Reconstruction and Development (EBRD) and the European Union will support the Armenian government in creating a green economy, the head of EBRD Yerevan Office Dmitry Gvindadze said on February 19.

Speaking at a ceremony launching the Green Economy Financing Facility (GEFF), he said the EBRD and the Armenian government consider the main sources of clean energy as their priorities.

Gvindadze said EBRD’s activities in this area are correlated with the projects approved by the Armenian government, and when developing a strategy for the country, the Bank will take into account all the priorities that the government has set.

“We use all our opportunities in Armenia to open individual credit lines to stimulate the provision of loans to SMEs in the area of ​​energy efficiency,” he said. Gvindadze mentioned some major projects, one of which is the Masrik solar station with a capacity of about 55 MW.

In 2018 the government awarded the construction of the 55MW Masrik-1 solar power plant
to a consortium comprising Fotowatio Renewable Venture (FRV) and FSL Solar. Masrik-1 is reportedly the first competitively tendered independent power project (IPP) in the country.

The 55 MW solar plant is located in Masrik, Gegharkunik province, eastern Armenia, and will require an investment of $50 million. The construction of the plant is expected to be accomplished no later than in 2020.

It is projected to annually produce up to 120 million kWh of electricity. During its 20-year lifespan, the power plant is expected to reduce nearly one million tons of carbon, as well as create short-term and long-term jobs in the region.

The project is also expected to improve long-term energy security in the country by promoting the development of solar resources. The country’s dependency on imported natural gas will also be reduced.
Dmitry Gvindadze said EBRD supports the Armenian government’s idea of economic revolution, and for this purpose it is mobilizing additional resources to help develop the private sector, stimulate growth, and provide assistance in the implementation of numerous programs in the field of green economy. -0-

spot_img

POPULAR

US dollar exchange rate unchanged, euro and ruble rise

The average market exchange rate of the U.S. dollar to the Armenian dram on March 7, 2025, remained at 394.58 drams, unchanged compared to March 6.

Central Bank of Armenia considering introducing long-term mechanisms for insurance against fraud

The Central Bank of Armenia is considering the possibility of introducing mechanisms for insurance against fraud.

Armenia to receive EUR 26 million loan from KfW bank for renewable energy development

Armenia will receive a loan and a grant from the German KfW bank for the implementation of the "Renewable Energy and Energy Efficiency Development" program.

Ratio of loans to deposits in commercial banks of Armenia has improved – WB review

In April 2025, deposits and loans of commercial banks of Armenia increased by 1.5% y/y and 0.8% y/y, respectively, slightly improving the ratio of loans to deposits compared to the figures for the previous year.

Euro falls by 0.62 points to 450.23 drams

The average market exchange rate of the US dollar against the Armenian dram as of June 27, 2025, decreased by 0.59 points compared to June 26 and amounted to 384.32 drams.

LATEST NEWS

spot_imgspot_imgspot_img