IFC, a member of the World Bank Group, is supporting the development of an innovative, energy-efficient office building in Armenia which will spur job creation and positively impact the environment.
IFC is providing a $9 million loan for its own account and mobilizing another $9 million from DEG (Deutsche Investitions- und Entwicklungsgesellschaft mbH) to the Property Development Company to finance the development in the center of Yerevan. The project is expected to create links with local suppliers, while also creating jobs. The office complex will be constructed on V. Sargsyan street, with the
main façade of the existing historical building remaining intact in the new construction.
Artashes Kazakhetyan, CEO of Property Development Company, said: “We have preserved every single stone from the old building by applying international standards, and also developed an architectural and engineering design that showcases the historical importance of this area. In addition, this will be the first
green commercial building certified by BREEAM, a global leader in the design and assessment of sustainable buildings.”
The total value of the project is estimated to be $37 million, with the remaining funds provided by the Property Development Company from its own account. The development of an A-Class office building in the capital is also expected to boost commercial real estate standards, while the use of advanced energy efficient technologies will help future tenants save on energy bills.
Armenia became a member and shareholder of IFC in 1995. Since then, IFC has invested more than $320 million in 52 projects across a range of sectors, including financial markets, manufacturing, and mining, and mobilized nearly $23 million from other lenders. IFC Advisory Services provides advice through projects focusing on the financial sector, sustainable energy, regulatory simplification, and food