YEREVAN, April 25. /ARКА/. The Armenian Parliamentary Committee on Financial, Credit and Budgetary Affairs gave a positive conclusion at its meeting on Friday on the ratification of the agreement on the investment grant for the “Second Yerevan Energy Efficiency Program” in the amount of EUR 10.1 million.
“The EUR 10.1 million agreement between Armenia and the EIB was signed on November 12, 2024. The total cost of the project is 38 million euros, financing will be provided from the following sources – loan funds provided by the EIB – 25 million euros, grant agreement – 10.1 million euros, technical support – 650 thousand euros, other expenses – 250 thousand euros, own funds of the Yerevan Municipality – 2 million euros,” said Deputy Minister of Territorial Administration and Infrastructure of the Republic of Armenia Kristine Galechyan.
According to her, the implementation of the program is aimed at increasing energy efficiency and energy saving in public buildings under the jurisdiction of the Yerevan Municipality, in particular, in kindergartens and clinics.
“As a result, it will be possible to reduce the energy consumption of 38 public buildings (6 clinics, 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,” Galechyan noted.
The Deputy Minister also stated that capital repairs, seismic resistance and reconstruction of public buildings are a priority at the state and community levels, therefore, the ratification of the agreement is an important component of the implementation of the “Second Stage of Yerevan Energy Efficiency” program, adding that the agreement does not provide for additional financial obligations for the Republic of Armenia.
About the first Yerevan energy efficiency program
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 euros, the Eastern Europe Energy Efficiency and Environment Partnership (E5P) with a grant of 5 million euros, and the Green Climate Fund (GCF) with a grant of 1 million euros.
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 and wastewater services. The EIB also finances the construction of cross-border communications to improve the safety and sustainability of roads.
The first energy efficiency project in Yerevan, which is being implemented through a €15 million investment from the EIB and the EU Eastern Partnership Energy Efficiency and Environment Policy (E5P) multi-donor fund, is ongoing to improve energy efficiency, seismic resilience and sanitation in 50 kindergartens in Yerevan. -0-
