Development Finance Environment & Energy Training & Skill Development

German-Armenian Fund: Energy efficiency finance for MSMEs


The German-Armenian Fund (GAF) was established in 1998 by the Central Bank of Armenia to provide support to the financial sector. In 2016 a GAF programme was established to support investments by MSMEs in energy efficiency, and IPC was contracted to provide technical assistance. Our experts provided intensive support in selecting partner financial institutions, then developed a list of eligible investments and designed tailored products in each institution. After establishing new policies and procedures, we conducted capacity-building measures to support rollout and also introduced an energy audit framework.


This project has been highly significant in terms of financial sector impact. The structures introduced to coordinate energy efficiency lending in each institution will continue to serve as a platform for future innovations, and the specialised knowledge conveyed by our experts will be disseminated further. On the level of local capacity building, our partnership with AE Consulting and R2E2 Fund have been especially fruitful. Strong knowledge transfer and exceptionally successful training measures during our assignment have likewise developed local expertise and strengthened competition in the Armenian market for EE/RE activities.

Key Achievements & Media

9 partner institutions nationwide
>375 bank staff trained
>15 local energy auditors trained
>100 energy audits performed
>150 projects financed
KfW project information


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