Yerevan, 19 February 2025 –The Green for Growth Fund (GGF) is expanding its presence in Armenia with a debut USD 2 million facility to Armenian Leasing Company aimed at increasing access to green financing for businesses and households. The facility will provide dedicated funding for energy- and resource efficiency as well as small-scale renewable energy (RE) investments, supporting Armenia’s transition to a greener economy.
This new partnership marks GGF’s expansion in Armenia, reinforcing its commitment to developing green financial solutions and supporting local financial institutions in scaling sustainable investments.
“Strengthening financial institutions’ ability to offer green financing is the core of GGF’s mission,” said Simon Gupta, Chairperson of the GGF Board. “This partnership broadens the provision of green investments, reinforcing Armenia’s shift toward a more sustainable future.”
Borislav Kostadinov, Fund Director of GGF, added: “GGF is committed to expanding green financing in Armenia by partnering with key players like Armenian Leasing Company. As a dynamically growing institution in the market and a key driving force for green investments, they are helping businesses integrate energy-efficient technologies, optimize operations, and drive long-term economic growth and prosperity in the country.”
“We are excited to partner with GGF to advance green financing in Armenia. This collaboration will enable businesses and households to access tailored leasing solutions for energy-efficient technologies and renewable energy investments. By integrating sustainability into financial services, we are not only reducing energy costs for our clients but also contributing to Armenia’s long-term environmental and economic resilience. Since its establishment, the company’s capital has grown approximately 13 times, driven by investments from its sole shareholder, Partners Invest LLC, and accumulated retained earnings, now exceeding AMD 2.1 billion. The company’s total assets have been doubling annually, reaching over AMD 16 billion to date,” said Arsen Bazikyan, Co-Founder and CEO of Armenian Leasing Company.
About the GGF
The Green for Growth Fund promotes energy efficiency and renewable energy in Southeast Europe, the Caucasus, the Middle East, and North Africa. By providing refinancing to local financial institutions, GGF helps businesses and households access sustainable energy solutions, fostering energy efficiency and reducing carbon emissions. GGF was initiated as a public-private partnership by the European Investment Bank and Germany’s KfW Development Bank, with financial support from the European Union, BMZ, and other international investors. Finance in Motion GmbH, Germany, serves as GGF’s advisor. www.ggf.lu
About Finance in Motion
Finance in Motion structures, manages, and advises almost €4 billion across 9 funds, all classified as Article 9. These private market funds drive impact for people and planet through regional financial intermediaries, direct investments, advisory and capacity building. Founded in Germany, with local expertise from Latin America to CEE, it has been investing in emerging markets for over 20 years. www.finance-in-motion.com
About Armenian Leasing Company
Armenian Leasing Company is a universal credit organization founded in September 2019 by a resolution of the Shareholder's Founding Meeting. The company was officially registered on October 11 of the same year, obtaining a license from the Central Bank of the Republic of Armenia. As a specialized leasing company, Armleasing offers tailored financial solutions designed to meet the unique needs of businesses. By ensuring maximum adaptability to various operational models, the company aims to create tangible added value for its clients.
Media contact GGF
Nusha Westhoff
Director Marketing & Communications
Mobile: +49 69 271 035-789
Email: press@ggf.lu
Armenian Leasing Company: Mary Khachatryan
Marketing Manager
Mobile: +374 44 70 00 56
mary.khachatryan@armleasing.am