Who are the implementing parties?

What are the objectives of the programme?

In order to ensure the optimal set-up of the “GAF Energy Efficiency Programme for MSMEs”, various parties are involved in the project implementation.


The German Development Bank (KfW) provides the funds from the Federal Ministry of Economic Cooperation and Development (BMZ) needed to finance green investments under the “GAF Energy Efficiency Programme for MSMEs”. 


The Central Bank of Armenia (CBA) and KfW entered into an agreement to promote the utilisation of EE potentials and RE by improving the access to loans for Armenian MSMEs. The CBA hedges the currency risk of the KfW funds.


The German-Armenian Fund (GAF), the project management unit of the CBA, provides Armenian financial institutions with local currency funding for investment loans.


IPC - Internationale Projekt Consult GmbH is the responsible project consultant for the “GAF Energy Efficiency Programme for MSMEs”. This concerns the development and implementation of standards, principles, policies and guidelines.


The Renewable Resources and Energy Efficiency Fund (R2E2) supports the PFIs in the assessment of non-standard and technically complicated green investments by carrying out energy audits.


Green loans are provided by local partner financial institutions to Armenian MSMEs applying for financing.


Armenian enterprises are the final beneficiaries of the “GAF Energy Efficiency Programme for MSMEs”. By investing in energy efficient machinery and equipment, MSMEs significantly reduce the negative environmental effects associated with non-renewable energy sources. In this way, they help to save wildlife habitats, safeguard the planet, and make sure that there is energy left for future generations.

 AE Consulting supports IPC in implementing the Programme.