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In the European Eastern Neighbourhood region, Armenia is one of the countries showing noticeable economic growth. However, since the Velvet revolution in 2018, and now with the current global pandemic, it has been a rough road for Armenian businesses. 

But that doesn’t stop Arthur Sahakyan, Executive Director of PROF AL, from smiling and warmly welcoming us into his factory. Famous for glass-cutting and the production of various household furniture, this company has boomed since it was established in 2002. A key piece of equipment needed to make his business thrive is an autoclave, a machine with pressure and temperature control used in the production of laminated safety glass. 

As a savvy businessman, Sahakyan believes greening his company is important for future growth. This is where the Green for Growth Fund (GGF) steps in, by partnering with leasing companies like ACBA Leasing that provide energy-efficient machinery to companies such as PROF AL. In this way, the GGF can help drive the green transformation by providing a flexible and cost-effective solution for businesses to finance equipment upgrades.

“Since we got the autoclave from ACBA Leasing, we have started to gain time, as now we can fill the oven twice per workday. Besides that, the number of defective glasses has decreased remarkably: we have almost none left. It’s beneficial for everyone, for the producer and for Armenia,” says Sahakyan proudly. “Energy saving technologies have a positive impact on cost and time.” 

Entrepreneurs like Sahakyan recognize that green technology and business development can go hand-in-hand. By enabling local business’s access to equipment that reduces their input and increases their output, the GGF is working not only to protect the environment but also to give entrepreneurs the tools to succeed.

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