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.