Consideration of accreditation proposals – Addendum I Accreditation assessment of APL144

The GCF Accreditation Panel recommends the accreditation of ArmSwissBank, a commercial bank in Armenia, as a national direct access entity for 'small' projects (up to USD 50 million) with a medium environmental and social risk category (B/I-2). The bank demonstrated strong capabilities in on-lending, blending, and project management, with a track record including USD 44.92 million for a KfW renewable energy programme. However, the panel identified gaps in public disclosure of procurement and whistleblower policies, the lack of anonymous complaint channels, and insufficient staff capacity to screen against IFC Performance Standards. Accreditation is recommended subject to conditions: the bank must publish its whistleblower and complaint procedures, establish anonymous reporting channels, provide evidence of staff training on IFC Performance Standards, and publicly disclose its procurement policy before submitting its first funding proposal.

• ArmSwissBank is recommended for accreditation as a national direct access entity for 'small' projects, defined as those with total projected costs above USD 10 million and up to USD 50 million.
• The bank has a significant track record in sustainable finance, with climate-focused lending comprising approximately 20 per cent of its overall portfolio in 2024, totaling USD 174 million (USD 172 million for mitigation and USD 2 million for adaptation).
• The applicant's experience includes managing substantial loans from international financial institutions, such as USD 44.92 million for a KfW renewable energy development programme and USD 8 million for an EBRD Green Economy Financing Facility energy efficiency programme.
• The Accreditation Panel found that the bank partially meets basic fiduciary standards and transparency requirements due to the absence of public disclosure for its procurement policy, whistleblower procedures, and the lack of anonymous complaint channels.
• While the bank has an Environmental and Social Management System (ESMS), it partially meets GCF standards because staff lack sufficient capacity to screen projects against International Finance Corporation (IFC) Performance Standards (PS).
• The bank's gender policy, procedures, and competencies were found to fully meet the updated GCF Gender Policy, supported by a Gender Action Plan and a commitment to hire dedicated gender-specialized staff.

APA

Green Climate Fund (2025). Consideration of accreditation proposals – Addendum I Accreditation assessment of APL144. https://www.greenclimate.fund/sites/default/files/document/12-consideration-accreditation-proposals-addendum-i-armswissbank-gcf-b41-03-add01.pdf

Chicago

Green Climate Fund. Consideration of accreditation proposals – Addendum I Accreditation assessment of APL144. 2025. https://www.greenclimate.fund/sites/default/files/document/12-consideration-accreditation-proposals-addendum-i-armswissbank-gcf-b41-03-add01.pdf.

Wikipedia

{{cite report |author=Green Climate Fund |title=Consideration of accreditation proposals – Addendum I Accreditation assessment of APL144 |date=30 January 2025 |url=https://www.greenclimate.fund/sites/default/files/document/12-consideration-accreditation-proposals-addendum-i-armswissbank-gcf-b41-03-add01.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{greenclimatefund2025consideration, author = {{Green Climate Fund}}, title = {{Consideration of accreditation proposals – Addendum I Accreditation assessment of APL144}}, institution = {Green Climate Fund}, year = {2025}, month = jan, url = {https://www.greenclimate.fund/sites/default/files/document/12-consideration-accreditation-proposals-addendum-i-armswissbank-gcf-b41-03-add01.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }