EBRD and Inecobank to provide 14.5 million euros for development of TUMO European Convergence Center

15.05.2024 16:49
EBRD and Inecobank to provide 14.5 million euros for development of TUMO European Convergence Center

YEREVAN, May 15. /ARKA/. The European Bank for Reconstruction and Development (EBRD) and Armenian Inecobank are joining forces to support the development of the TUMO European Convergence Center for Engineering and Applied Sciences in Yerevan.

This partnership includes joint financing in the amount of EUR 14.5 million, of which the EBRD's participation amounts to EUR 7.25 million, the EBRD press service reports.

The funds will support the development of a multi-disciplinary complex designed to serve as a cutting-edge innovation center with state-of-the-art equipment for engineering and applied sciences, contributing to innovation and economic growth in Armenia.

The total project budget of €30 million, financed in parallel by the EU Delegation to Armenia and TUMO, is a unique STEM hub designed by the world-renowned Dutch architectural firm MVRDV. It will focus on fostering innovation and bridging the gap between academia and industry through its original training and research programs such as TUMO Labs and the 42nd Yerevan School of Programming.

The flagship building of the Convergence Center will be a horizontal skyscraper that includes educational space, conference and exhibition/event venues, co-working and training centers to cover the diverse needs of both individuals and businesses, as well as work and retail space.

With support from the Global Environment Facility, the center will integrate innovative environmental investments and energy management solutions, including photovoltaic panels, high-efficiency façade glazing and smart climate control systems, thereby promoting energy efficiency and environmental sustainability.

The financing package will also be complemented by technical cooperation to help Armenian refugees integrate into the labor market under the EBRD's Refugee Crisis Response Program. This program, supported by the Taiwan Business-EBRD Technical Cooperation Fund, will increase employment opportunities for displaced populations and subsequently restore livelihoods by providing customized and market-appropriate training in digital technology, ICT and design.

TUMO, known for its free educational program that empowers adolescents to manage their own learning, operates five centers in major Armenian cities, as well as 23 "TUMO Boxes" (shipping containers transformed into educational spaces) in neighboring cities and centers in different regions of the international location.

The EBRD is one of the largest institutional investors in Armenia. Over the past five years, the Bank has invested 640 million euros in the country, supporting private sector development, infrastructure improvement, renewable energy production and rural digitalization. To date, the EBRD has invested more than EUR 2.1 billion in 211 projects across Armenia. -0-


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