ArmInfo.Armenia will attract EUR 25,000,000 for the Yerevan Energy Efficiency Phase II project. Armenia's Cabinet approved a relevant decision on January 18.
As stated in the explanation to the document, an investment grant in the amount of 10.1 million euros from the EU Neighborhood Investment Platform will be attracted to co-finance the project. The project is a continuation of an ongoing project financed by the EIB.
The project will finance the rehabilitation in municipal buildings, particularly kindergartens and polyclinics, across the capital city of Armenia.
Financing aims to improve energy efficiency, as well as seismic safety and accessibility for disabled people, especially children.
This operation will bring environmental benefits, by supporting projects that reduce energy consumption in public buildings, thus helping to mitigate climate change. Given the scale, location and nature of the schemes in built-up urban areas, environmental impact assessment (EIA), as defined in the EIA Directive 2011/92/EU, should normally not be required. Compliance with the Bank's environmental and social standards will be further assessed during appraisal.
