Armenian Parliament Ratifies Agreement on Investment Grant for Yerevan II Energy Efficiency Program in the Amount of €10.1 Million
YEREVAN, May 29. /ARКА/. On Thursday, the National Assembly of Armenia ratified an agreement on an investment grant for the Yerevan II Energy Efficiency Program in the amount of €10.1 million.
The agreement for €10.1 million between Armenia and the European Investment Bank (EIB) was signed on November 12, 2024.
The total cost of the project is €38 million, which will be financed from the following sources: €25 million in loans from the EIB, €10.1 million in grants, €650,000 for technical support, €250,000 for other expenses, and €2 million from the Yerevan Municipality’s own funds.
The program is aimed at increasing energy efficiency and energy saving in public buildings under the jurisdiction of the Yerevan City Council, in particular in kindergartens and polyclinics.
As a result, it will be possible to reduce energy consumption in 38 public buildings (6 polyclinics, 32 kindergartens) by almost 65%, as well as increase the service life of buildings by at least 20 years and reduce CO2 emissions into the atmosphere.
The first Yerevan Energy Efficiency Program was launched in 2018 and became an important step towards the sustainable development of urban infrastructure. Its goal was to modernize public buildings, especially kindergartens, with an emphasis on improving energy efficiency, seismic resistance and sanitary conditions.
The project was financed by the European Investment Bank (EIB), which provided a loan of €7 million, the Eastern Europe Partnership Energy Efficiency and Environment Partnership (E5P) with a grant of €5 million and the Green Climate Fund (GCF) with a grant of €1 million.
About the EIB in Armenia
The EIB has been working with Armenia since 2010, operating in the country under the Eastern Partnership programme of the European Neighbourhood Policy and other bilateral agreements with the EU.
Over the past decade, the Bank has financed a range of projects, from infrastructure and small businesses to water supply and wastewater treatment. The EIB also finances the construction of cross-border communications to improve road safety and resilience.-0-
