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EBRD to provide 2 million euros for modernization of roads and street lighting in Armenian Gyumri

03.03.2020, 18:59
Armenia's Ministry of Finance, the European Bank for Reconstruction and Development (EBRD) and the Gyumri City Hall signed today a grant agreement, the Ministry of Finance reported.

EBRD to provide 2 million euros for modernization of roads  and  street lighting in Armenian Gyumri
YEREVAN, March 3. /ARKA/. Armenia's Ministry of Finance, the European Bank for Reconstruction and Development (EBRD) and the Gyumri City Hall signed today a grant agreement, the Ministry of Finance reported.

It said under the agreement  the EBRD will allocate a grant of 2 million euros from its E5P Fund for the modernization of roads and street lighting in Gyumri.

The agreement was signed by the Minister of Finance Atom Janjughazyan, the head of EBRD Yerevan Office Dimitri Gvindadze, the mayor of Gyumri Samvel Balasanyan and the Director of E5P Fund in EBRD Eva Manik.

The project will refurbish a street lighting in the City of Gyumri replacing existing high pressure mercury-based luminares with modern energy efficient LED luminaries, upgrading the electrical supply cabling, pole replacement and installing safety equipment to protect and extend the lifetime of the LED lanterns.

The project will improve service quality and environmental standards by reducing energy consumption and CO2 emissions and improving lighting level towards international standards.

E5P is an EU multi-donor fund aimed at financing community-based environmental and energy conservation programs in the Eastern Partnership member countries.

The EBRD is a leading institutional investor in Armenia, having invested 1.4 billion euros in 180 programs since its inception in Armenia in 1992. -0-