Yerevan Council of Elders greenlights €25m loan from European Investment Bank to improve energy efficiency of buildings

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YEREVAN, 14 May. /ARKA/. The Yerevan Council of Elders has approved taking a €25 million loan from the European Investment Bank to enhance energy efficiency of buildings in the city, Vice Mayor Levon Oganesyan announced on Tuesday.

The money will be spent on improving the energy efficiency of 32 kindergartens and six hospitals across the Armenian capital.

The total budget of this project is estimated at €37.1 million. The city hall will provide a total of  €2 million. In addition to the loan, the European Investment Bank will grant Yerevan €10.1 million to complete the project.

The project is expected to be reviewed by the National Assembly of Armenia before its approval is finalised.

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