{"id":158320,"date":"2024-11-18T08:51:59","date_gmt":"2024-11-18T08:51:59","guid":{"rendered":"https:\/\/armbanks.am\/2024\/11\/18\/255495\/"},"modified":"2025-01-02T12:17:27","modified_gmt":"2025-01-02T12:17:27","slug":"armenia-and-eib-sign-a-number-of-agreements-totalling-eur-316-million","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2024\/11\/18\/158320\/","title":{"rendered":"Armenia and EIB sign a number of agreements totalling EUR 316 million"},"content":{"rendered":"\n

YEREVAN, 18 November. \/ARKA\/. <\/strong>A number of agreements have been signed between Armenia and the European Investment Bank (EIB).<\/p>\n\n\n\n

As noted on the bank’s website, the global division of the European Investment Bank (EIB Global) has signed a loan of up to EUR 236 million with Armenia to co-finance the construction of the Sisian-Kajaran road, a crucial segment of the North-South transport corridor.<\/p>\n\n\n\n

\u2018This project is set to be a game changer for Armenia and the South Caucasus region, significantly improving transport connectivity between the European Union, the Middle East and Asia,\u2019 the statement said.<\/p>\n\n\n\n

\u2018This transformative project will become a major artery in the region’s transport network, giving Armenia better access to global markets and helping shape a more connected, sustainable future,\u2019 said EIB Vice President Teresa Czerwinska, responsible for EIB operations in Armenia.<\/p>\n\n\n\n

‘This is the largest ever financial agreement between the EIB and Armenia. We are pleased to support this project, which will contribute to sustainable development, increase economic resilience and strengthen ties between Europe, Asia and the Middle East.\u2019<\/p>\n\n\n\n

In addition, a grant agreement of more than \u20ac10 million, aimed at improving energy efficiency in Yerevan was signed.<\/p>\n\n\n\n

‘This EU investment grant is intended to complement the EIB’s \u20ac25 million global loan signed in November 2023. Yerevan City Hall will use the funding to renovate more than 100,000 square metres of public buildings, with a particular focus on reducing energy consumption and CO\u2082 emissions,\u2019 the EIB said in a statement.<\/p>\n\n\n\n

\u2018This EU grant accelerates the Yerevan Municipality’s efforts in this transformative project, moving Armenia towards a greener and more sustainable future,\u2019 Chervinskaya said. \u2018The project will not only reduce Yerevan’s energy consumption and carbon emissions, but will also significantly improve the quality of life for children, educators, patients and healthcare workers.\u2019<\/p>\n\n\n\n

In addition, EIB Global is providing a \u20ac58.5 million loan to three Armenian banks to expand lending to micro, small and medium-sized enterprises (MSMEs) in the country.<\/p>\n\n\n\n

\u2018The European Commission is adding a grant of \u20ac11 million for the banks to meet the growing demand for long-term local currency financing for Armenian MSMEs,\u2019 EIB said in the statement.<\/p>\n\n\n\n

\u2018We are pleased to strengthen our support to MSMEs in Armenia by co-operating with local financial institutions,\u2019 said Tereza Czerwinska. \u2018The EIB is committed to promoting entrepreneurship and inclusive growth in the country by helping businesses overcome barriers to their development. As we address the urgent need for greater access to long-term financing, including in local currency, we are paving the way for a more sustainable and innovative future for Armenia’s business ecosystem.\u2019<\/p>\n\n\n\n

About the EIB in Armenia<\/p>\n\n\n\n

The EIB has been working with Armenia since 2010, operating in the country under the European Neighbourhood Policy’s Eastern Partnership programme and other bilateral agreements with the EU. Over the past decade, the Bank has financed a number of projects ranging from infrastructure and small businesses to water and wastewater services. The EIB also finances the construction of cross-border communications to improve road safety and sustainability.<\/p>\n\n\n\n

The first energy efficiency project in Yerevan, which is being implemented with a \u20ac15 million investment from the EIB and the multi-donor EU Eastern Partnership Energy Efficiency and Environment Policy (E5P) multi-donor fund, continues to improve energy efficiency and earthquake resistance, improving sanitary conditions in 50 kindergartens in Yerevan. -0-<\/p>\n","protected":false},"excerpt":{"rendered":"

A number of agreements have been signed between Armenia and the European Investment Bank (EIB).<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[9214,9216],"tags":[],"class_list":{"0":"post-158320","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-banks-en-en","7":"category-news"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/158320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/comments?post=158320"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/158320\/revisions"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=158320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=158320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=158320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}