A GRANT OF USD 660,000 to encourage green financing


The Green Climate Fund (GCF) has approved the funding of the Readiness and Preparatory Support Grant Programme (the Readiness Programme) undertaken by the Ministry of Environment in Armenia. The Green Climate Fund is the largest "green" fund set up under the United Nations Framework Convention on Climate Change (UNFCCC). The objective of the fund is to provide developing countries with financial mechanisms for adaptation and mitigation of climate change consequences.
This project is the first grant program in the sphere of "green" financing by the Fund in the Republic of Armenia and is unprecedented in its format.
In the frames of the program, the Fund has provided a grant of about USD 660,000  thousand to back the advancement of "green" financing in Armenia and the creation of a more favorable environment.
As a result of the announced tender, "ARMSWISSBANK" CJSC was selected as the Implementing Partner of Readiness and Preparatory Support Grant Programme (the Readiness Programme).  The latter will organize the activities envisaged by the program and supervise the effective allocation of grants.
The grant will be used to attract best international and local experts and consultants in a bid  to analyze the current state of "green" financing in Armenia and to survey international best practices. The processes will also include surveys of the experience of the beneficiary financial institutions and the implemented projects. The project fulfillment will enable to assess the regulatory framework, as a result, developing a comprehensive roadmap.
The beneficiaries of Readiness and Preparatory Support Grant Programme (the Readiness Programme)  are the Central Bank of Armenia, the participants of Financial-Banking System of Armenia and sectorial private companies. Due to the project, all beneficiaries will have the opportunity to learn about the results of the survey, as it will significantly improve their capacities and methodology in the field of "green" financing. The implemented studies will give an opportunity to strengthen and develop the direction of "stable" financing in the Republic of Armenia; the involved beneficiaries will be able to attract financial and technical means to expand their activities in the mentioned directions.
Taking into consideration the essential of efficient implementation of this program for all beneficiaries and for the country as well, we strongly highlight the active participation of all stakeholders in the activities envisaged by the program.