Development Finance Environment & Energy Training & Skill Development

Supporting a Green Economy Financing Facility (GEFF) in the Caucasus

Project Details


European Bank for Reconstruction and Development (EBRD)


2018 - 2023


Armenia, Georgia, Azerbaijan / Eastern Europe & Central Asia


Green Finance


Green Economy Financing

Uncovering Demand For Green Finance


Gernot Kuhlisch

The European Bank for Reconstruction and Development (EBRD) places a high priority on promoting investment in sustainable energy and resource efficiency. In September 2015, the EBRD approved and launched the Green Economy Transition Approach (GET), with the goal of increasing the volume of green financing in EBRD operation countries, addressing the effects of climate change through a market-driven approach. A key component of the GET Approach is the establishment of Green Economy Financing Facilities (GEFFs), consisting of credit lines to financial institutions. EBRD GEFFs are designated to be on-lent to smaller-scale renewable energy, energy efficient, and resource efficient investments.

The Caucasus GEFF aims to expand the EBRD’s sustainable energy and resources financing in the countries of Armenia and Georgia. The Caucasus GEFF specifically targets resource efficiency and renewable energy private sector investments, including water efficiency and material efficiency investments. EBRD contracted IPC and its partner, iC consulenten, to provide hands-on operational support to financial institutions and their clients with regards to sustainable energy and resources investments.

Specifically, the IPC team was tasked with providing guidance to partner banks of EBRD on designing the best possible financial products, and with providing advice to end-borrowers on how to turn green projects into sound investments.

As part of providing GEFF technical assistance, the IPC team has successfully:

  • established and maintained ties between EBRD and participating financial institutions
  • developed specific loan products eligible under the GEFF programme for target businesses
  • developed and implemented capacity building programmes
  • implemented marketing strategies in the region
  • introduced and maintained EBRD’s tool for identifying and selecting sustainable energy and resources investments
  • conducted individual assessments of non-standard and larger green investments on behalf of the EBRD



Key Achievements & Media


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