PROJECT 254 MW POWER PLANT - LENDERS
IFC and MIGA, members of the World Bank Group, as well as ADB, OFID, and DEG are arranging a landmark debt finance and guarantee package for Armenia’s first greenfield project-financed power plant, to help bolster the country’s power generation and drive economic growth.
A modern 254-megawatt combined-cycle gas turbine power plant in the south of Yerevan will help increase efficiency for gas-fired electricity generation, producing up to 2,000 gigawatt hours annually and ensuring a reliable power supply. It will also help lower gas costs and cut greenhouse gas emissions.
The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
The overarching goal of ADB's partnership strategy for Armenia is to help integrate its economy into the region, and to rebalance it toward more resilient, inclusive, and environmentally sustainable growth. Efforts to realize these goals include improving domestic and cross-border transport links, upgrading secondary towns based on integrated urban development plans, and improving the country’s energy security.
The International Finance Corporation (IFC) is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in less developed countries. The IFC is a member of the World Bank Group -focused on the private sector in developing countries. The Bank Group has set two goals for the world to achieve by 2030: end extreme poverty and promote shared prosperity in every country.
It was established in 1956, as the private-sector arm of the World Bank Group, to advance economic development by investing in for-profit and commercial projects for poverty reduction and promoting development. The IFC's stated aim is to create opportunities for people to escape poverty and achieve better living standards by mobilizing financial resources for private enterprise, promoting accessible and competitive markets, supporting businesses and other private-sector entities, and creating jobs and delivering necessary services to those who are poverty stricken or otherwise vulnerable.
OFID– the OPEC Fund for International Development is the development finance institution established by the Member States of OPEC in 1976 as a channel of aid to the developing countries. OFID works in cooperation with developing country partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world. It does this by providing financing to build essential infrastructure, strengthen social services and promote productivity, competitiveness and trade. OFID’s work is people-centered, focusing on projects that meet basic needs – such as food, energy, clean water and sanitation, healthcare and education – with the aim of encouraging self-reliance and inspiring hope for the future.
Deutsche Investitions- und Entwicklungsgesellschaft (DEG) is a Development Finance Institution (DFI) and a subsidiary of KfW Group. DEG finances long-term investments of private companies in developing and emerging-market countries. As one of the world's largest development finance institutions, it promotes private sector companies to contribute to sustainable economic growth and improved living conditions in developing countries. DEG focuses on projects and corporate finance in Africa, Asia, Latin America as well as in Central, Eastern and South-Eastern Europe.