Advancing Green Finance for Sustainable Development (ADB-57314-001)

Countries
  • Armenia
  • Georgia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Development Bank (ADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
C
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Apr 16, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Regional
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Grant
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 0.35 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 0.35 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ ADB website

Updated in EWS May 10, 2024

Disclosed by Bank Mar 15, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the Technical Assistance (TA) aims to foster green banking practices in Armenia and Georgia, facilitating economic development and environmental sustainability in the region. The TA's major activities are centered around conducting comprehensive gap assessments for selected financial institutions in the mentioned countries, strategically identifying areas for improvement in green finance practices. Simultaneously, the project prioritizes the enhancement of internal capabilities within these financial institutions through focused capacity development and knowledge-sharing initiatives. The TA is strategically designed to align with overarching goals, placing a specific emphasis on fostering green finance practices and amplifying green lending initiatives. This approach positions financial institutions to assume a proactive role in driving economic growth, promoting environmental sustainability, and achieving the Sustainable Development Goals (SDG) within the region. The TA will actively explore potential market needs for further lending to banks, aiming to enhance their green portfolios. By identifying specific gaps and opportunities in green financing, the TA will pave the way for targeted interventions that address the unique needs of financial institutions in both countries. This strategic exploration is designed to inform future endeavors, potentially leading to additional project opportunities that actively promote green finance practices and foster the expansion of green lending initiatives.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Risk Categorization: Low

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The TA financing amount is $350,000, which will be financed on a grant basis by the Financial Sector Development Partnership Special Fund.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Contact Information

Project Officer: Narine Avetisyan

Designation: Senior Investment Officer - Asian Development Bank

Email: narineavetisyan@adb.org

 

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.adb.org/forms/request-information-form

ADB has a two-stage appeals process for requesters who believe that ADB has denied their request for information in violation of its Access to Information Policy. You can learn more about filing an appeal at: https://www.adb.org/site/disclosure/appeals

ACCOUNTABILITY MECHANISM OF ADB

The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main.

How it works

How it works