Armenia is a landlocked country in the Caucasus region between Europe and Asia with a surface area of 1,279 kilometers (sq km). It shares borders with Azerbaijan, Nagorno-Karabakh Republic, Turkey, Nakhchivan Autonomous Republic (an exclave of Azerbaijan), Georgia, and Iran. Armenia is highly vulnerable to natural hazards, such as riverine, flash, and coastal floods, tropical cyclones, droughts, mudflows, and landslides that affect one-third of its communities, along with earthquakes.
INVESTING IN ARMENIA
CIF’s investment in Armenia is primarily through its Scaling up Renewable Energy Program (SREP). Armenia's $14-million SREP investment plan aims to reduce the cost of renewable energy technologies that lie at the threshold of competing with the expected future cost of generation. For technologies such as geothermal and utility scale solar photovoltaic (PV), pioneering projects backed by SREP will help to reduce resource and performance risks, develop local markets and expertise, and provide the government with the impetus and opportunity to achieve reforms — in particular, appropriate tariffs. As experience increases, project development costs are expected to decline, and for some technologies, such as solar PV, local production may also emerge.
In 2021, under the CTF umbrella, the CIF's Technical Assistance Facility (TAF) also mobilized $500,000 to support ADB's program to strengthen capacity on identifying and developing green and resilient urban infastructure investment opportunities.
