GCF GEFF Regional - GEFF Armenia II - Inecobank (EBRD-52440)

Countries
  • Armenia
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 22, 2020
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Inecobank CJSC
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 4.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 6.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jan 4, 2021

Disclosed by Bank Dec 22, 2020


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

According to the Bank's website, the project provides funding to Inecobank to finance investments in climate change mitigation and adaptation technologies by local private sector commercial clients.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)

a senior loan to InecoBank of up to USD 6 million, of which up to USD 4.5 million to be provided by EBRD and up to USD 1.5 million by the Green Climate Fund ("GCF") under the GCFGreen Economy Financing Facility ("GEFF") Regional Framework.

Financial Intermediary
A financial intermediary is a commercial bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds.
Contact Information

PROJECT CONTACT INFORMATION

Hayk Voskanyan
Hayk.Voskanyan@inecobank.am
https://www.inecobank.am

 

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html