The European Bank for Reconstruction and Development and Inecobank CJSC are jointly financing a green mixed-use residential complex in Yerevan through a senior secured loan of up to $30 million (€26 million). The funding is being provided under their risk-sharing facility and will support the development of a large-scale residential and commercial project covering approximately 47,000 square metres.
The loan will be extended to Nuovo Velodromo LLC, a special purpose vehicle co-owned by Renco Group S.P.A. and the Adamium Group. The overall project is valued at around $92 million (€79 million), with additional financing coming from sponsor equity and apartment pre-sales.
The development is designed to meet high environmental and energy efficiency standards and aims to achieve LEED “Gold” certification, making it one of the first mixed-use residential projects of its kind in Armenia. As a result, the entire EBRD contribution qualifies as Green Economy Transition financing, reflecting a strong focus on sustainable construction and reduced environmental impact.
This investment aligns with the EBRD’s strategy to strengthen private-sector competitiveness in Armenia by supporting modern, transparent and efficient business practices. It is also the fourth project under the Bank’s risk-sharing partnership with Inecobank, part of a broader initiative to expand financing access for local enterprises.
Since beginning operations in Armenia, the EBRD has invested nearly €3 billion across more than 240 projects, supporting key sectors such as energy, infrastructure, telecommunications and finance, and playing a central role in advancing the country’s economic development.
