Friday, April 12 2024 13:30
Alexandr Avanesov

EIB to issue loan under energy efficiency programme to Armenia 

EIB to issue loan under energy efficiency programme to Armenia 

ArmInfo. The European Investment Bank (EIB) will provide Armenia with a loan of 25 million  euros for the implementation of the second stage of the program to improve the energy efficiency of buildings and structures in Yerevan. 

At a plenary meeting on April 12, the National Assembly of the Republic of Armenia ratified the corresponding agreement with the Bank. 

According to the Deputy Minister of Territorial Administration and  Infrastructure of the Republic of Armenia Vache Terteryan, the  agreement was signed on November 29, 2023. The total cost of the  project is 37.1 million euros, of which 25 million euros will be  provided by the EIB, 2 million euros will be co- financed by the  Yerevan City Hall, and 10.1 million euros are planned to be raised as  a grant from the European Neighborhood Policy Fund.

The loan is sovereign, guaranteed by the government of the Republic  of Armenia, although negotiations with the EIB were conducted by the  capital administration. Resources will be attracted at a floating  Euribor rate, calculated every six months plus a fixed margin.

Credit resources, Terteryan noted, are planned to be used to  implement the second stage of the energy efficiency improvement  program in Yerevan, which has proven its effectiveness and is  producing positive results. The vast majority of the loan will be  used to improve the energy efficiency of kindergarten buildings.  Terteryan pointed out the importance of the program, which has a  significant grant component.  "If we keep in mind that the 2 million  euros that the Yerevan City Hall will allocate and which can also be  considered a grant, then the proportion between the loan and the  grant will be about 50% to 50%," the deputy minister said, adding  that the implementation of the project will allow 30 -40% saving in  electricity consumption. He added that the energy passport of the  program has already been prepared, within the framework of which work  will be carried out at 38 facilities, 32 of which are kindergartens,  and 6 outpatient clinics.   

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