Yerevan, Armenia, 21 October 2025 – The Green for Growth Fund (GGF) has joined forces with the OPEC Fund for International Development to support sustainable private sector development in Armenia. The OPEC Fund has arranged a US$30 million syndicated loan facility for Evocabank, with US$10 million from its own resources as A-lender, and an additional US$10 million in B-loans provided by GGF. Finance in Motion acts as advisor to GGF.
This is GGF’s first-ever collaboration with the OPEC Fund, and a milestone transaction for both institutions in Armenia, a key region for the fund’s operations and long-term impact strategy. The funding will expand Evocabank’s lending capacity to micro, small and medium-sized enterprises (MSMEs) and support climate-related investments advancing climate action, strengthening Armenia’s private sector and boosting sustainable economic growth.
The signing ceremony was witnessed by Reinhold Strass, GGF Board Member.
OPEC Fund President Abdulhamid Alkhalifa said:
“This transaction highlights the OPEC Fund’s ability to bring together partners and resources to amplify development impact. By providing financing for businesses and supporting climate investments, we are helping to unlock economic opportunity, drive job creation and strengthen Armenia’s path toward sustainable growth.”
Karen Yeghiazaryan, CEO of Evocabank, added: “We are proud to deepen our cooperation with the OPEC Fund and its partners through this important syndicated loan. Last year, Evocabank had the honor of participating in the OPEC Fund Development Forum in Vienna, which marked the beginning of our dialogue and collaboration. Today, we are delighted to see that the discussion has turned into tangible results for Armenia’s economy. This financing will enable us to expand access to finance for local businesses, foster innovation, and support green investments that are essential for building a sustainable future. We value the trust placed in Evocabank and look forward to continuing our joint efforts to create lasting impact.”
Simon Gupta, GGF Chairperson, commented:
“Armenia is a market where dedicated long-term funding can drive both green transformation and private sector growth. Through GGF, we are bringing complementary mandates to the table, supporting MSMEs on one hand, and climate resilience on the other. This new partnership with the OPEC Fund, benefitting investees in Armenia, marks a meaningful step in expanding the reach and relevance of blended finance solutions in the region.”
Borislav Kostadinov, Fund Director, Green for Growth Fund, added:
“This transaction reflects our strong belief in Armenia’s potential for sustainable economic growth. It also marks GGF’s first partnership with the OPEC Fund, an important step as we grow our footprint in one of the fund’s regions. By supporting institutions like Evocabank, we are enabling local solutions to global challenges like climate change and energy transition.”
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 OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$30 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.
Media contact GGF
Nusha Westhoff
Director Marketing & Communications
Mobile: +49 69 271 035-789
Email: press@ggf.lu