11/05/2015 14:41
Armenia, EBRD sign Yerevan Street Lighting Project agreements
Armenia and the European Bank for Reconstruction and Development (EBRD) have signed the Yerevan Street Lighting Project and project support agreements on Monday.
Armenia’s Minister of Finance Gagik Khachatryan and EBRD President Suma Chakrabarti signed the loan agreement, which envisage a US $4m loan for Armenia. Mr Suma Chakrabarti and Yerevan Mayor Taron Margaryan signed the project support agreement. The EBRD president and Director of the Yerevan City Electricity company Vardan Gabrielyan signed the project agreement.
The main aim of the pilot project is a safe and energy-saving street lightning network in Yerevan. The planned investments in the pilot project are US $6m. Eastern Europe Energy Efficiency and Environmental Partnership Fund plans to provide a US $2m grant to the project. Besides, the EBRD is willing to provide US $1m for consultations.
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