EDB to provide $1.7 million grant to Armenian government for energy  saving program

ArmInfo. The Eurasian Development Bank will provide the Government of Armenia with a $1,719,200 grant for the implementation of the "Energy-efficient regions.  Employing  energy-efficiency enhancement mechanisms in public  buildings and  facilitating green energy development" programme.  The corresponding  decision was made on July 7 at a meeting of the Armenian government.

According to the source, the decision was made in order to implement  the agreement signed between the Eurasian Development Bank and the  Government of the Republic of Armenia on March 7, 2022.

It is noted that as a result of the energy saving program implemented  by the Armenia Renewable Resources and Energy Efficiency Fund with  the financial support of the World Bank, the energy saving of 64  public facilities of the republic increased by an average of about  50%. <The results of the project have led to a large demand for this  product, and after the end of the project, the Armenia Renewable  Resources and Energy Efficiency Fund receives many applications for  the implementation of measures to improve the energy efficiency of  buildings. For inclusion in the program, the Fund received  applications from about 20 educational and medical institutions in  the regions of the republic>, the document says.

Earlier, ArmInfo reported, that 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.