YEREVAN, 7 November. /ARKA/. Armenia will receive a new grant of 38 million euros from the European Investment Bank (EIB) to finance a project designed to improve energy efficiency in Yerevan.

The grant agreement was approved by the government on Thursday. Within the framework of the ‘Second Energy Efficiency Programme of Yerevan’ it is envisaged to reduce energy consumption in 38 public buildings - 6 polyclinics and 32 kindergartens by about 65%, increase their seismic resistance, improve the comfort level of visitors of medical institutions and kindergarten children and extend the life of these buildings.

The agreement was signed between the EIB, the Ministry of Finance of Armenia and the Yerevan Municipality on 30 November 2023.

About the EIB in Armenia

The EIB has been cooperating with Armenia since 2010, 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.

The first energy efficiency project in Yerevan, which is being implemented with a €15 million investment from the EIB and the  EU Eastern Partnership Energy Efficiency and Environment Policy (E5P) is underway to improve energy efficiency and earthquake resistance, as well as sanitary conditions in 50 kindergartens in Yerevan.-0-