CBA in Collaboration with GGF, IFC and EBRD Raises Public Awareness on Energy Efficiency Issues

Yerevan, Armenia, 10 December, 2013 - The Central Bank of the Republic of Armenia (CBA) in cooperation with the Green for Growth Fund, Southeast Europe (GGF), the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) has launched an awareness raising initiative aimed at educating the public on energy efficiency issues. The event gathered representatives of Armenian financial institutions, public and private sectors representatives, and energy efficiency experts.

Kicking-off the initiative with the launch of the "Did you know?" brochure, the organizers aim to promote the significance of energy efficiency among all segments of the general population. Produced through the joint efforts of the GGF and IFC, the brochure provides comprehensive suggestions on energy efficient tools and measures that can be implemented by consumers.

Ranging from advice on house renovation to practical steps for changing daily habits, the brochure also covers insulation materials available in the local market. A real-life story provides an insight into the success of one family that has already implemented energy efficiency measures and currently enjoys the results of their achievement.

In order to reach a broad audience the brochure also exists in the form of an interactive web version. It can be reached at

"We are pleased with the result of our joint initiative with the GGF, IFC and EBRD and hope that the public will find the energy efficiency tips included in the brochure both useful and applicable." - said Nerses Yeritsyan, Deputy Chairman of CBA.

"By combining our expertise and assessing the local needs, we were able to come up with a set of practical advises on energy efficiency measures that can be useful for any family", - said Tigran Parvanyan, IFC Armenia Sustainable Energy Finance Project Manager.

"In order to promote the concept of energy efficiency in Armenia, it is absolutely necessary for all members of the public and private sectors to be equipped with knowledge of energy efficiency issues and actively implement it in their daily lives." - said Mark Davis, Head of the EBRD's Yerevan Resident Office.

"Energy efficiency is of a crucial importance for countries like Armenia with limited fossil fuel resources and should be one of the priorities for its citizens. By changing our individual habits and making sensible use of resources, we can contribute to increased energy efficiency and support the protection of environment," said Christopher Knowles, Chairman of the Green for Growth Fund, Southeast Europe.

As one of the first steps of the initiative, the brochure will be widely distributed through financial institutions with the goal to help customers make informed and energy efficient decisions.

Click here to download the press release


The Green for Growth Fund, Southeast Europe (GGF) is dedicated to enhancing energy efficiency and fostering the use of renewable energy sources in Southeast Europe, including Albania, Bosnia and Herzegovina, Croatia, FYR Macedonia, Kosovo*, Montenegro, Serbia, and Turkey as well as in the nearby European Eastern Neighborhood region comprised of Armenia, Azerbaijan, Georgia, Moldova and Ukraine. The GGF provides refinancing to financial institutions for on-lending to enterprises and private households seeking to finance energy efficiency projects. The GGF also invests directly in small to medium-scale renewable energy projects. The GGF was initiated as a public-private partnership in December 2009 by the KfW Development Bank (KfW) and the European Investment Bank (EIB) with the financial support of the European Commission, the German Federal Ministry for Economic Cooperation and Development (BMZ), and the European Bank for Reconstruction and Development (EBRD). Its growing investor base comprises donor agencies, international financial institutions and institutional private investors, and recently added the International Finance Corporation (IFC) and Netherlands Development Finance Company (FMO).

* This designation is without prejudice to positions on status, and is in line with UNSC 1244 and the ICJ Opinion on the Kosovo Declaration of independence.


The IFC Armenia Sustainable Energy Project is designed to establish a sustainable market for energy efficiency and renewable energy investments and contribute to the energy self-sufficiency of Armenia through work with local and in partnership with international financial institutions. The Project is supported with funds from the Austrian Ministry of Finance. IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly billion, leveraging the power of the private sector to create jobs and tackle the world's most pressing development challenges. For more information, visit


The EBRD, owned by 63 countries and two intergovernmental institutions, is an international financial institution that supports projects from central Europe to central Asia and beyond. Investing primarily in private sector clients whose needs cannot be fully met by the market, the Bank fosters transition towards market economies. Follow us on the Facebook and Twitter or visit EBRD, as one of the largest investors in Armenia's private sector, is working with the local banks in Armenia to encourage better utilization of energy resources. The Caucasus Energy Efficiency Program II (CEEP II) is based on a tested EBRD model of using the local financial sector to target sustainable energy investments. The Framework will consist of loans to selected Partner Financial Institutions for on-lending to the private sector for energy efficiency and renewable energy projects, to households and industrial customers. It is a one-stop shop for the clients of participating banks where they can access technical assistance free of charge and obtain long-term funding. The project is supported by the Austrian Government, the European Union (EU) through the Neighborhood Investment Facility (NIF) and the EBRD special Shareholders Fund, who have provided grant money for the technical assistance.

Media contact GGF

Xenia Tendyck
Phone: +49 (0)69/977 876 50-320

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