The objective of the Project is to support Moldova’s and Armenia’s transition towards sustainable investments by incorporating sustainable finance concept into the regulatory framework of the financial system and providing capacity building support to country stakeholders for efficient implementation. The Project will perform activities under two components. Component 1. Enhancing sustainable finance regulatory frameworks. Component 1 will focus on building the missing pieces of the regulatory framework for sustainable finance. Based on the regulatory gaps identified during pre-implementation, the project will ensure that the key elements required for sustainable finance are developed and presented for implementation to the relevant authorities. Component 2. Stakeholder awareness raising and capacity building Component 2 will focus on sector development activities aiming at increasing the level of understanding by the financial sector of sustainable finance aspects. It will deliver knowledge in form of workshops and research papers and will facilitate the interaction and exchange of experience between the relevant stakeholders. Capacity building activities that target financial sector regulators will aim at supporting informed decision making while defining the regulatory requirements. It is expected that project interventions, if successful, will trigger a shift of capital flows towards more sustainable investments in Moldova and Armenia by addressing the existing market failures and constraints to making the capital move towards green projects.