EFSD to provide $1.719mln grant to Armenia for enhancing energy  efficiency in public buildings

ArmInfo.The Eurasian Fund for Stabilization and Development (EFSD) will provide a $1.719mln grant to Armenia for enhancing energy efficiency in public buildings. 

On January 27, Armenia's Cabinet approved the proposal to sign an  agreement on the grant for funding the "Energy-efficient regions.  Employing energy-efficiency enhancement mechanisms in public  buildings and facilitating green energy development" programme. 

RA Minister of Territorial Administration and Infrastructures Gnel  Sanosyan said that energy-efficiency mechanisms will be employed in  20 buildings of the public housing stock, with at least 3,000 MWh  expected to be saved annually and CO2 discharges into the air to  reduce by 700 tons. 

An important component of the project is that the participants will  operate a revolving fund, which will enable them to repay the funds  within 7 or 8 years. In turn, it will enable the Armenia Renewable  Resources and Energy Efficiency Fund, which is implementing the  programme, to apply this experience in other buildings. 

The Eurasian Fund for Stabilization and Development (the former  EURASEC Anti-Crisis Fund) is a regional financial arrangement in the  amount of US$ 8.513 billion established by Armenia, Belarus,  Kazakhstan, Kyrgyz Republic, Russia, and Tajikistan to overcome  negative crisis consequences, to provide long-run sustainability and  to foster economic integration of EFSD member countries. The Fund  provides the following assistance to the member states:

financial credits for budget support and (or) balance-of-payments  support, available to governments only;

investment loans, provided either to EFSD member states or to  companies;

grants to finance government programmes in the social sector.

The Eurasian Development Bank acting in its capacity of the EFSD  Resources Manager coordinates its activities with other international  financial institutions and donor clubs.