Armenia: Receives Grant, Credit To Support Renewable Energy Project March 29, 2006.
“The World Bank today approved a Renewable Energy Project for Armenia. The total amount of the project is US$25.050 million, including a US$5 million International Development Association (IDA) credit, and a US$3 million grant from the Global Environment Facility (GEF). The project will also be supported by co-financing of US$7 million from EBRD, US$3 million from the Cafesjian Family Foundation, and US$7.050 million from the government and local financial institutions.
This project will assist the government to increase privately owned and operated power generation utilizing renewable energy and to reduce greenhouse gas (carbon dioxide) emissions by overcoming barriers to the development of renewable energy.
Following the energy crisis Armenia has achieved remarkable results in reforming the power sector and improving its financial performance. The key remaining challenge for the sector is to ensure sustainable and reliable power supply by: (a) shifting reliance from costly and polluting sources of energy to lower cost and environmentally friendly alternatives; (b) increasing the energy diversification and achieving a higher degree of energy security through the utilization of the indigenous renewable energy resources.”

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