EBRD and Inecobank to fund green building in Armenia
The European Bank for Reconstruction and Development (EBRD) and Inecobank CJSC will support the development of a green mixed-use residential complex in the Armenian capital, Yerevan, with a senior secured loan of up to US$ 30 million (€26 million) under their risk-sharing facility.
According to a press release by the EBRD press release, published on 29 April, the loan will be extended to Nuovo Velodromo LLC, a newly-established special purpose vehicle co-owned by Renco Group S.P.A., a leading Italian construction company, and its local partner, the Adamium group of companies.
The funds will go towards financing the construction of a mixed-use residential complex with a total area of approximately 47,000 square metres. The development will be the only mixed-use residential property in Armenia designed to achieve internationally recognised green building certification, distinguished by high construction quality and strong energy efficiency performance.
The total cost of the project is estimated at around US$ 92 million (€79 million), with the remaining financing to be covered by equity contributions from the sponsors and proceeds from apartment pre-sales.
The transaction is aligned with the EBRD’s country strategy for Armenia, in particular, its priority of enhancing private-sector competitiveness through capacity building, strengthened corporate transparency and a more conducive business environment.
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