Yerevan, Armenia, June 26, 2012—IFC, a member of the World Bank Group, with the support of the Government of Canada, is helping HSBC Bank Armenia expand its financing of renewable energy and energy efficiency projects, promoting the efficient use of resources and reducing greenhouse gas emissions. IFC will provide $15 million in financing to the bank, including up to $4 million from the IFC-Canada Climate Change Program. That will help the bank support hydro power plants and provide loans to small and medium enterprises interested in investing in energy efficient technologies. IFC will also provide HSBC Bank Armenia with advisory support. The initiative is expected to help Armenian companies become more resource efficient, profitable, and competitive. “This partnership with IFC will help us take a leadership role in combating climate change,” said Astrid Clifford, HSBC Bank Armenia CEO. “We believe that the potential for development of sustainable energy finance in Armenia is significant and aim to offer our services to companies that plan to go green.” Peter Kent, Canada’s Environment Minister, said, “The global challenge of climate change requires a global solution, and Canada is proud to support environmental efforts such as these.” Thomas Lubeck, IFC Regional Manager for the South Caucasus, said, “Increasing sustainable energy use will provide Armenia with environmental and economic benefits. Those include reducing the country’s dependence on imports of fossil fuels and improving the quality of life through reduced pollution.” IFC’s partnership with HSBC Bank Armenia is part of a strategy in Europe and Central Asia aimed at combating climate change. In addition to investments, IFC provides advisory services to businesses through the IFC Armenia Sustainable Energy Finance Project, supported with funds from the Austrian Ministry of Finance. Since Armenia became a member of IFC in 1995, IFC has invested $202 million in 35 projects across the country, focusing on several industries, including financial markets, manufacturing, and mining. IFC Advisory Services also provides advice through projects focused on food safety practices, the financial sector, and regulatory simplification.

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