Inecobank and EBRD Join Forces for Sustainable Urban Development in Yerevan
Yerevan, April 30 – Inecobank and the European Bank for Reconstruction and Development (EBRD) have announced a significant partnership to finance a modern, multifunctional ‘green’ residential complex in Yerevan. This collaboration, leveraging the Risk Sharing Facility (RSF), will provide a loan of up to $30 million to advance urban development and integrate energy-efficient construction standards in Armenia.
Project Aims for LEED Gold Certification
The loan will be extended to “Nuovo Velodromo” LLC, a company jointly owned by the leading Italian construction firm “Renco Group S.P.A.” and the Armenian Adamium group of companies. The project envisions the construction of a complex with a total area of approximately 47,000 square meters, with an estimated total value of around $92 million.
This project stands out due to its ambition to achieve international LEED “Gold” certification. The construction will adhere to exceptional quality and high energy efficiency standards, classifying the funds provided by the EBRD as “Green Economy Transition” (GET) financing.
Promoting Responsible Construction and Urban Improvement
“We value our participation in such large-scale and innovative projects, which not only stimulate private sector development but also foster a culture of environmentally responsible construction in Armenia. Our continued cooperation with the EBRD allows us to support local businesses with greater momentum and contribute to the improvement of the urban environment,” stated Artyom Chichyan, Acting CEO of Inecobank.
Elisabetta Falcetti, EBRD Managing Director for Turkey and the Caucasus, emphasized, “This significant real estate project underscores the EBRD’s steadfast commitment to supporting high-quality private sector investments in Armenia. Through our partnership with our long-standing partner Inecobank, we are promoting international construction standards, advancing energy-efficient solutions, and setting an important benchmark for sustainable urban development in the country.”
Fourth Successful Collaboration Between EBRD and Inecobank
This transaction marks the fourth successful collaboration between the EBRD and Inecobank under the RSF instrument. It aligns fully with the EBRD’s strategy for Armenia, which aims to enhance private sector competitiveness and strengthen corporate transparency.
Inecobank is a leading bank in the region, offering retail and corporate banking services tailored to the financial needs of individuals and businesses. The bank is also a reliable and long-standing partner of the EBRD in several strategic initiatives, including green financing and promoting sustainable and innovative private sector development.
The European Bank for Reconstruction and Development (EBRD) is an international financial institution that promotes private sector development and entrepreneurial initiatives in over 30 countries across three continents. The EBRD continues to be one of Armenia’s leading institutional investors, having invested more than €2.95 billion in 243 projects to date.
Source: https://banks.am/am/news/newsfeed/30645
