devinitorg/iati-policy-markers huggingface dataset:
Unibank SME The IFC will provide a medium-term loan of up to US$10 million to Unibank closed joint-stock company (the Bank) to on-lend to eligible small and medium sized enterprises in Armenia. Unibank, established in 2001, is one of leading banks in Armenia with operations across the country.   The project aims to facilitate access to finance to Armenian SMEs and, hence, support recovery of the Armenian economy from the consequences of the global financial crisis. IFCs investment would be complemented by related advisory services that meet the Banks strategic needs and enhance its risk management practices and SME lending capacity. SMEs in Armenia are underserved by the banking sector due to the limited supply of long-term financing.  This lack of financing is one of the reasons of the slow development of the private SME sector in the country.  The proposed Project will: (i) increase the amount of funding available for SMEs, in partnership with one of Armenias leading banks, and (ii) foster competition among the Armenian banks for lending to SMEs which will support the sustainable development of the SME sector in Armenia. The development impact of the project is expected to be significant in terms of its support for local businesses in real economy.  By providing financing to the Bank, IFC will enable the Bank to expand its SME lending operations and provide commercial financing to businesses in a variety of sectors, therefore fostering economic growth through job creation. In addition, the project will have an important demonstration effect to other foreign investors. By enabling the Bank to expand its "commercially-priced" funding base, the project should have a meaningful contribution to building a viable banking system in Armenia.
Telecom Armenia CJSC The proposed investment consists of a senior loan of up to US$20 million to TEAM LLC, a company that was incorporated in Armenia in April 2020 and its wholly owned subsidiary, Telecom Armenia CJSC (former VEON Armenia), a mobile network operator and internet service provider in Armenia which operated as Beeline and will be rebranded to team (collectively the Group). The Group is seeking to refinance an existing debt facility and obtain additional financing for capex and network expansion via a long-term debt financing package of US$60 million. The Project has an
Anticipated Impact Measurement and Monitoring (AIMM) rating of  Satisfactory .    

       

   Project Outcomes:    Increased access to quality broadband Internet for
individuals and businesses. Based on the standalone capex plan to upgrade
mobile and fixed network, a preliminary assessment suggests " Strong "
Project Outcomes, with a risk of a  Moderate  rating if savings
are not reinvested or if there is no addition with respect to the current capex
plan. The gap in access to quality broadband Internet in Armenia is expected to
be Medium as, compared to other emerging markets, penetration and download
speed of fixed or mobile broadband is on par with regional or income-group
averages. Without the refinancing component, the Company may not be able to
expand beyond its historical investment trend. The refinancing is expected to
generate savings that, if reinvested, can support network expansion and upgrade
as well as expand international connectivity. The magnitude of these outcomes
will be explored in appraisal and depends on: the degree of commitment to
reinvest the savings, and how these will be invested; and the incremental
nature of this investment compared to the existing capex plan.    

       

   Market Creation    - Subject to evidence about the expected increase
in high-speed broadband coverage beyond the Company, a preliminary assessment
suggests " Moderate " Contribution to Market Creation. Increased
integration by strengthening international connectivity linkages or enabling
digital platforms may be considered post appraisal. Increased competitiveness
of the market for broadband Internet access by preserving trends in network
upgrade via innovation and competition channels. The market for broadband
Internet access in Armenia is fairly developed with a number of large fixed and
mobile broadband operators providing affordable service within an effective
regulatory framework. However, technological innovation remains limited beyond
the market leader as other operators mainly rely on legacy technologies (3G and
ADSL). By supporting an expansion of 4G and fiber-optic network by the Company,
this investment has the potential to maintain competitive pressure on other
market players to continue upgrading their networks, thereby preserving the
trends in broadband quality improvement in the Armenian broadband sector.
Armeconombank II The project comprises a senior loan of up to $2 million to Armeconombank with a maturity of 8 years. The loans would be split into two $1 million loans to be used for on-lending to the Armenian small and medium enterprises (SME) and for financing of residential mortgage loans to Armenian individuals.   Armeconombank is one of the largest private banks in Armenia with 41 branches across the country and 600 employees. Today, the Bank focuses primarily on serving local corporates, mainly SMEs, and has a growing retail banking program. The Bank is also active in providing correspondent banking services to other local financial institutions. Armeconombank has been IFCs client since 2004. The project will have strong development impacts, specifically:   - to encourage growth of the currently under-developed banking sector in Armenia,  - to support the development of the SME sector in Armenia, and  - to provide access to residential mortgage finance for Armenian individuals.   Currently, the SME and mortgage lending segments in Armenia are under-served because of:   - limited availability of long-term finding for financial institutions, and  - lack of real-time databases to assess creditworthiness of potential borrowers due to large shadow economy in Armenia.   Current lending environment favors short-term trade finance needs and collateral-based approach. Building on the existing successful relationship with Armeconombank, IFC believes that the Bank will be able to continue profitable lending to the SME sector and individuals in Armenia.
WCS COVID Ineco The Project consists of a senior loan of up to US$20 million to Inecobank CJSC (Inecobank). The loan to Inecobank would be under WBG Fast Track COVID-19 Facility, in particular IFCs Financial Institutions Response Envelope. The loan consists of two tranches. The purpose of the loan is on-lending to MSMEs. Many of Inecobanks MSME-clients face lower revenues, higher costs, supply disruptions, complicated inventory management, and pricing power erosion resulting from the COVID19 outbreak. Therefore, they need working capital liquidity as short-term bridge financing to continue operating, providing vital employment, goods, and services, and generating tax revenues.  Inecobank is the fifth-largest bank in Armenia, established in 1996 and is the third largest provider of SME loans in Armenia. IFC will support  its clients' capacity to sustain operations during this acute shock, IFC will provide access to finance Inecobank's MSME clients to support the economic recovery process, shortening the time it will take for the most vulnerable to return to their traditional income-earning activity.
Inecobank II The project is to provide a senior loan of up to $3 million to Inecobank (or the Bank), a small Armenian commercial bank. The IFC loan will broaden the Banks funding base and will be used for expansion of its financing of small and medium-sized businesses and strengthening its position in mortgage origination and consumer lending. As part of the project, IFC may also consider providing up to $2 million GTFP trade guarantee facility. The expected development impact of this project is high because it achieves the following objectives in an IDA country:   - enabling the Bank to expand its lending operations and provide commercial financing to businesses in a variety of sectors, therefore fostering economic growth and employment generation; - helping to develop the residential mortgage standards according to international norms and best practices in Armenia; and  -contributing to building a commercially viable banking system in Armenia.
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         The proposed investment involves a US$204 million debt financing package to ArmPower (the Company). It will be used to finance the construction of a 250MW greenfield combined-cycle gas turbine (CCGT) power plant with an estimated project cost of US$272 million in Yerevan, Armenia (the Project). The Project's positive development impact includes: (i) replacement of a highly-inefficient and depreciated power generation asset with a high-efficiency CCGT; (ii) helping the Armenian power sector reduce natural gas cost and ensuring reliable power supply in Armenia; and (iii) further strengthening the Armenian power sector by diversifying the investor base and increasing private sector participation.
Noyan Project The Project consists of providing up to US $2.5 million A Loan to CJSC Euroterm (Euroterm or the Company).  Euroterm is the leading Armenian producer of fruit juice, concentrate and preserved food. In addition, the Company provides heating system installation services.   The Company has recently expanded its capacity in fruit concentrate and tomato paste processing. Euroterm has already financed the expansion with short- term loans as a bridge financing. The proposed investment entails providing a corporate loan to Euroterm, to be utilized for refinancing part of its existing debt and for additional working capital requirements to support the Companys growth. . The proposed Project has significant development impact including the following: (i)  Support of the development of Armenian agriculture, a sector which is the largest employer in Armenia; (ii) It would also help promote export-oriented manufacturing, generating hard currency revenues; (iii) Job creation; (iv) Linkage to the farmers: as a result of expanded production, the Company is expected to increase the number of farmers supplying agricultural products from app. 570 to around 740. The project would have significant positive trickle down effects on farmers who can increase their sales and revenues by supplying agricultural products to Euroterm
Ameria SubL II The proposed project is an investment package for Ameriabank CJSC (the Bank) of a total size of up to US$50 million, which consists of an up to US$50 million 6-year subordinated loan for general purposes and an up to US$10 million 7-year senior loan for on-lending to MSMEs, on IFCs own account. Long-term partnership: By providing capital support to its key partner Bank in Armenia, IFC is better placed to help the Bank to sustain difficult economic conditions and to reach its strategic goal to become an attractive institution for investors, eventually gaining access to liquid and well regulated capital markets.  Long-term funding: By providing long-term funding which is scarce to find in the market now, IFC helps the Bank to grow its business and increase access to finance for Armenian customers  Environmental and social standards: IFC would help Ameriabank improve their capacity in the areas of environmental and social management
Masrik Solar The proposed investment involves a senior loan of up to US$11 million to FRV Masrik CJSC. It will be used to finance the development, construction, operation and maintenance of a 55MWac/62MWp solar photovoltaic (PV) plant located in the municipality of Mets Masrik, Armenia. The PV plant will be connected to the national grid through a 9.2km 110kV high voltage overhead transmission line also financed as part of the Project. The Project is expected to be commissioned in 2021 and will sell electricity based on a 20-year tariff Power Purchase Agreement entered into with the private offtaker, Electric Networks of Armenia. The project's development impact includes: (i) Reduction of GHG emissions, by increasing the share of electricity supply from renewable sources, (ii) Improving energy security and lowering generation costs, by reducing the country's reliance on imported fuels for power generation, and (iii) Further strengthening competitiveness of the sector, by supporting the development of the first competitively tendered utility-scale solar IPP in the country.
WCSS Unibank ASLF The proposed project is a part of the IFC Armenia Short-Term Liquidity Facility (ASLF or Facility), which envisages providing short-term revolving trade financing to IFC client banks in Armenia for on-lending to local SME importers and exporters.  The majority of international trade in Armenia is conducted on a cash basis (e.g. prepayments, cash/documents or cash/goods basis); and, significantly, most of the SME trade flows are intra-regional such as Russia-Armenia, Ukraine-Armenia, and Georgia-Armenia, among others. Under the Facility, IFC will provide targeted banks with one-year US Dollar liquidity facilities renewable, at IFCs option, up to three years in total; thereby, facilitating access to much-needed trade working capital to SMEs. Increased Access to Financing for SMEs: Limited access to finance is considered a key constraint to private sector growth. Increased access to finance is indispensable to grow the competitiveness of SMEs. By directly financing the short term US$ liquidity needs of local banks to support SME trade and foreign currency working capital finance needs, the facility will support SMEs and will have a positive impact on economic activity in Armenia.
Vorotan Hydros The proposed project entails the acquisition, operation, maintenance and major electro-mechanical rehabilitation of the 404.2MW Vorotan cascade hydropower generation plants and associated reservoirs in southern Armenia (the Project), including the 76MW Spandaryan (commissioned in 1989), the 171MW Shamb (commissioned in 1979) and the 157.2MW Tatev (commissioned in 1970) plants along the Vorotan River (together, the Vorotan Cascade). The Vorotan Cascade is among the main power generation complexes in Armenia, providing both peak and base load generation, and performing grid stabilization services. The Vorotan Cascade is supported by a system of five reservoirs: Spandaryan, Angeghakot, Tolors, Shamb and a daily regulation reservoir.   A newly created Armenian company, ContourGlobal Hydro Cascade CJSC (Company), which is wholly-owned by ContourGlobal, a global developer and operator of power generation projects, is acquiring the Vorotan Cascade assets from Vorotan Complex of Hydro Power Plants CJSC, an Armenian state-owned company. The proposed project''s positive development impact includes: (i) transfer of state-owned hydros to a competent global private power company that will undertake a much-needed rehabilitation investment program, which is expected to improve the operational availability and efficiency of the power plants, helping prevent further degradation and reduction in power generation; (ii) the privatization proceeds will provide budgetary support to the Government of Armenia; (iii) positive climate change impacts through efficiency enhancements, often the least cost option for greenhouse gas abatement.
Elite Project The proposed project (Elite Plaza) is the construction completion of an 18-floor Class-A office building located in Yerevan, Armenia.  The property is located at the core of the city center, near the main square and the Central Bank offices, with excellent access by car and public transportation.  The building will accommodate approximately 25,000 m² of office, retail, conference and exhibition areas.  It is expected to be available for lease by mid 2011 with the objective to attract quality long-term tenants. (i) Support for Investments in IDA countries: IFC will play a role to support a local company pursue its strategic objective to develop a portfolio of real estate investment projects in Armenia and Georgia, both IDA countries, by providing long-term financing that is not currently readily available in the market.

(ii) Supporting Business-Enabling Infrastructure:  The Project will provide the first true Class-A office commerical building in Yerevan and contribute towards meeting the demand for Class-A commercial/office space in the country.

(iii)Increased Employment: The Project will create new employment, both directly and indirectly.  In addition, temporary employment will be provided to local labor during the construction phase.

(iv) Demonstration Effect: IFC's participation during the crisis will encourage other investors and financial institutions to also pursue other investment opportunities with viable companies in Armenia.
AEB Syndication The Project consists of a long-term senior loan to AEB and a parallel long-term senior loan mobilized from Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO). Proceeds of loans will be used to finance investment projects of Armenian SMEs. The project will help the Bank expand its client base and provide funding to small- to medium-size enterprises (SME) from various economic sectors throughout all regions of Armenia to help them overcome the consequences of the economic crisis and ensure their long-term growth. SME sector plays an important role in Armenian economy in terms of contribution to the total GDP as well as job generation. The Development Impact is expected to be strong in the following areas: (i) supporting the Armenian SME sector in overcoming the consequences of the economic crisis and improving SME competitiveness through providing access to long-term funding and (ii) enabling AEB to expand its client network throughout Armenia.
Senior Loan for ACBA Leasing, Armenia The project is to provide term funding to ACBA Leasing CJSC, Armenias leading leasing company and subsidiary of ACBA Credit Agricole Bank. The funds will be used to finance leases of equipment to local SMEs. Leases are typically extended to finance purchase of transportation vehicles, manufacturing and agricultural equipment for tenor of up to five years Support local micro-enterprises and SMEs through capable financial intermediary;
Crisis response:  support leasing in Armenia as bank funding has become scarce; 
Support growth of Armenia's leading leasing company;
Contribute to energy efficiency through financing new energy-efficient production equipment;
Provide financing for renewable energy projects through leases of hydropower equipment;
Byblos Arm REE Byblos Bank Armenia (the Bank or the Company) has asked IFC for a long-term senior loan of up to $10 million to support its loan program for housing finance with particular emphasis on financing energy efficiency (EE) upgrades for households in Armenia. IFC shall provide advisory services to the Bank for technical training of credit officers and risk specialists in EE lending and training on E&S issues.

Bank was originally established in Armenia in 1992 by a local group. In 2007 the Byblos Bank S.A.L (Byblos Lebanon) became 100% shareholder, renaming the bank into Byblos Bank Armenia Closed Joint Stock Company. The project envisages partnering with a capable financial intermediary to provide residential energy efficiency loans to Armenian residents. Energy-efficiency improvements can play a critically important role in Armenia - a country without indigenous fossil energy resources and thus very dependent on imported fuel. IFC will also provide advisory support to Byblos Bank Armenia for development of energy efficiency product and related training.
Ardshininvest The proposed equity and loan financial package of up to $25 million is intended to strengthen the capital base of Ardshininvestbank (ASHIB or the bank) and to broaden the banks funding base for on-lending to corporate clients including SMEs and to retail clients for residential housing projects. The proposed investment would be IFCs first investment in the bank.   ASHIB is one of the largest privately controlled banks in Armenia. It is the largest bank in Armenia in terms of loan portfolio, the second largest bank in terms of assets, with total assets of approximately $223 million equivalent at the end of June 2007. The potential developmental and institutional impact of the project is high.  The underdeveloped banking sector impedes Armenias economic growth and limits local business access to longer term financing. Current lending environment favors businesses with short-term trade finance needs and companies that can provide substantial collateral coverage in the form of real estate, precious metals, and other highly liquid assets.   The development impact of the project is expected to be significant in terms of its support for local businesses in real economy. By providing financing to ASHIB, IFC will enable the bank to expand its lending operations and provide longer tenor commercial financing to businesses in a various economic sectors, therefore fostering economic growth and employment generation. In addition, this project will broaden access of the population to the mortgage market thus improving the living standards of population.  IFCs role in this project is to assist ASHIB in sourcing commercial finance. In addition, IFC will help the bank to expand its financing to corporate clients including SMEs and grow its retail lending, in particular, residential mortgages.
BOP Evocabank The proposed IFC investment is a three-year senior loan of up to US$15 million to Evocabank (the Bank) to support its lending to micro, small and medium enterprises (MSMEs) (the Project). Improved access to finance for SMEs: The Project will increase access to finance for MSMEs to support economic activity. 
Market creation. Resilience: The Project will strengthen IFCs efforts to foster resilience amongst banks and MSME finance providers in Armenia by helping the market deal with the continuing uncertainty and catalyzing investor response.
Vorotan Refi The proposed project involves up to US$150 million debt refinancing package for ContourGlobal Hydro Cascade CJSC (the Company, an existing IFC investee company) in Armenia. In July 2015, the Company acquired the 404.2MW Vorotan cascade hydropower generation plants in southern Armenia, including the 76MW Spandaryan HPP (commissioned in 1989), the 171MW Shamb HPP (commissioned in 1978) and the 157.2MW Tatev HPP (commissioned in 1970) plants along the Vorotan River (together, the Vorotan Cascade). In 2016, IFC arranged a US$140mn financing package to refinance the second instalment of the privatization (#37652, summary of the investment:  https://disclosures.ifc.org/project-detail/ESRS/37652/vorotan-debt ).   The Vorotan Cascade is among the main power generation complexes in Armenia, providing both peak and base load generation, and performing grid stabilization services. The Vorotan Cascade is supported by a system of four reservoirs: Spandaryan, Angeghakot, Tolors, Shamb and a Tatev daily regulation pond.   The new financing is aimed to re-leverage the Company, and through doing so support new modernization investments and free up liquidity for renewable energy (RE) pipeline in emerging markets. The development impact includes: (i) redeployment of released cash for renewable energy investments in carbon-intensive emerging markets and reduction of GHG emissions, and (ii) strengthening resilience of a critical power generation asset in Armenia, which is expected to enhance reliability of supply, preserve stability of the power system, and facilitate future deployment of renewable energy in the energy mix.