GEF SUPPORTS ARMENIA’S GEOTHERMAL ENERGY DEVELOPMENT
armradio.am
25.02.2009 16:02
The World Bank’s Vice President for Europe Central Asia (ECA) approved
US$ 1.5 million Global Environment Facility (GEF) grant to Armenia’s
Geothermal Project, which is part of the Regional Geothermal Energy
Development Program (GeoFund). This technical assistance grant is
the second phase in a series of envisaged projects in ECA with the
amount of US$25 million over the next 8 years. The GeoFund is the
first region-wide program of its kind and is implemented jointly with
International Finance Corporation (IFC).
The objective of the GeoFund is to systematically promote the use of
geothermal energy in the ECA region by removing existing barriers. This
will lead to diversification in energy use and increase the demand
for similar projects. The Project will assess the feasibility of
exploratory drilling in Armenia in sites with the highest geothermal
potential.
"We are pleased to receive GeoFund support especially given the lack
of adequate site investigation works, and limited interest of private
sector in development of geothermal energy resources in Armenia,"
said Ani Balabanyan, the Task Team Leader of the Project. "This
project will fill in this gap and will serve as a model for similar
field investigation projects."
The Project will provide technical assistance to conduct comprehensive
geothermal field inv estigation works for Gridzor and Karkar sites
(in Gegharkunik and Sjunik regions respectively) to be carried out in
two phases. The second phase will be carried out only if the results
are positive to justify additional studies at the first phase. Phase
I will include geological field works, a sounding study, which will
end up with interpretation and supervision of the implementation of
the field works and the study.
The GEF unites 178 countries in partnership with international
institutions, non-governmental organizations (NGOs), and the private
sector to address global environmental issues while supporting national
sustainable development initiatives. Today the GEF is the largest
funder of projects to improve the global environment. An independent
financial organization, the GEF provides grants for projects related to
biodiversity, climate change, international waters, land degradation,
the ozone layer, and persistent organic pollutants. Since 1991, GEF
has achieved a strong track record with developing countries and
countries with economies in transition, providing $8.3 billion in
grants and leveraging $33.7 billion in co-financing for over 2,200
projects in over 165 countries.