Inecobank and EBRD to Allocate US$ 30 Million for Green Residential Project in Yerevan
Inecobank CJSC and the European Bank for Reconstruction and Development (EBRD) are joining forces to support the development of a modern, mixed-use “green” residential complex in Yerevan. Provided under the Risk Sharing Facility (RSF), the loan of up to US$ 30 million will be directed toward urban development and the implementation of energy-efficient construction standards in Armenia.
The loan will be extended to Nuovo Velodromo LLC, co-owned by the leading Italian construction company Renco Group S.p.A. and the Armenian Adamium group of companies.
The project involves the construction of a complex with an area of approximately 47,000 square metres, with an estimated total cost of around US$ 92 million.
This project is distinguished by its ambition to achieve international LEED “Gold” certification. The construction will be carried out to the highest quality standards and with strong energy efficiency, therefore the financing provided by the EBRD will qualify as Green Economy Transition (GET) financing.
Highlighting the new project, Artyom Chichyan, Acting CEO of Inecobank , emphasized:
“We place great importance on participating in large-scale, innovative projects of this kind, which not only support the growth of the private sector but also promote a culture of environmentally responsible construction in Armenia. Our ongoing partnership with the EBRD enables us to further strengthen our support for local businesses and contribute to the development of a more sustainable urban environment.”
Regarding the initiative, Elisabetta Falcetti, EBRD Managing Director for Türkiye and the Caucasus noted:
“This landmark real-estate project underscores EBRD’s strong commitment to supporting high‑quality private sector investments in Armenia․ Through our partnership with Inecobank, a long‑standing partner, we are promoting international building standards, advancing energy‑efficient solutions, and setting an important benchmark for sustainable urban development in the country.”
This transaction marks the fourth successful cooperation between the EBRD and Inecobank under the RSF facility. It is fully aligned with the EBRD’s Country Strategy for Armenia, which aims to enhance private sector competitiveness and strengthen corporate transparency.
Inecobank is one of the leading banks in the region, offering retail and corporate banking services tailored to the financial needs of every individual and business. The Bank is also a trusted, long-standing partner of the EBRD in several strategic initiatives, including green financing and the promotion of sustainable and innovative private sector development.
The European Bank for Reconstruction and Development (EBRD) is a multilateral financial institution that promotes the development of the private sector and entrepreneurial initiative in more than 30 countries across three continents. To date, the EBRD remains one of Armenia’s leading institutional investors, having invested over €2.95 billion in 243 projects.