Incentives to Promote Local Green Financing to SMEs

This case study examines the Armenia Green Economy Financing Facility (GEFF), implemented by the European Bank for Reconstruction and Development (EBRD) with support from CIF’s Scaling Up Renewable Energy Program (SREP). It focuses on the project’s delivery challenges and solutions from its launch in 2018 through to 2023. The case explores how Armenia addressed barriers to scaling up renewable energy investments among SMEs and promoting women’s access to green finance. It highlights the innovative use of cash-back incentives, technical assistance, and gender-responsive capacity building—offering key lessons on translating financial and institutional tools into results on the ground.