EIB to grant EUR 10.1mln to Armenia for energy efficiency programme  in Yerevan 

ArmInfo. Armenia will receive grant funds from the European Investment Bank (EIB) for the implementation of the second energy efficiency program in Yerevan. On January 9, the government approved the draft on ratification of the relevant agreement with the EIB on an investment grant.

As stated in the explanatory note to the document, the document was  signed on November 12, 2024. The goal of the project is to reduce the  energy consumption of buildings and support energy efficiency and  renewable energy measures, which will include the necessary work to  improve the general technical condition of clinics and kindergartens.

The total cost of the project is 38 million euros, which will be  financed from the following sources: EIB loan funds - 25 million  euros, grant funds from the EU Neighborhood Investment Program - 10.1  million euros, technical support from the European Union Neighborhood  Investment Program - 650,000 euros, other expenses under the European  Union Neighborhood Investment Program - 250,000 euros. The Yerevan  Municipality's own funds will amount to 2 million euros.

As a result, the capital's administration hopes to reduce energy  costs, increase seismic safety, improve the comfort and quality of  life of tourists, reduce CO2 emissions and extend the service life of  renovated buildings.

In general, as a result of the Project's implementation, it will be  possible to reduce the energy consumption of about 38 public  buildings (6 clinics and 32 kindergartens) by about 65%.

between the Republic of Armenia  and the European Investment Bank does not contain provisions  providing for financial obligations for the Republic of Armenia>, the  document says.