The treaty on energy efficiency has been signed between Yerevan Municipality and the European Investment Bank.The document was signed by Yerevan Mayor Taron Margaryan and the Vice President of the European Investment Bank Vazil Hudak. The RA Vice Prime Minister, the Minister of the international economic integration and reforms Vache Gabrielyan was present at the ceremony of signing too.
Within the frames of the treaty it is planned to increase energy efficiency in municipal buildings,particularly in kindergartens. As a result the costs for energetic services of public buildings as well as CO2 emissions will be reduced. To fulfill the energy efficiency programs of Yerevan the EIB has given the loan of 7 million euro; the Fund for energy efficiency and environment of Eastern Europe Partnership (E5P) has disbursed the grant of 5 million euro and the Green Climatic Fund (GCF) has granted 1 million euro.

Answering the journalists questions Yerevan Mayor Taron Margaryan stressed that for the Municipality EIB is one of the best partners and it is ready to expand the cooperation with the bank in other spheres as well.
“The treaty on realization of Yerevan energy efficiency program signed with the European Investment Bank is unprecedented as this is the first time Yerevan will be given a non-sovereign loan. Thus, Yerevan will become the first community to be given the loan fro international company without state guarantee. It is certainly the best proof of trust towards Yerevan from international organization and taking the opportunity I want to express gratitude to our partners from the European Investment Bank for the trust and effective teamwork, By means of the disbursed loan of 7 million euro and the grant of 6 million euro a number of municipal buildings will be completely renovated, a number of programs aimed at energy efficiency increase will be implemented as well as seismic reinforcement of buildings will be carried out. Taking into account the particular importance of this program Yerevan Municipality will participate in financing too. During the first stage of the program municipal kindergartens will be completely renovated. I want to outline that today we re signing the grant treaty with the bank which is a part of the program aimed at the improvement of the system of solid wastes management”, said the Mayor of Yerevan.
The Vice President of the European Investment Bank Vazil Hudak in his turn thanked Mayor Taron Margaryan for effective teamwork and outlined that Yerevan is a reliable partner indeed which makes it possible to expand the directions of cooperation and provide continuity of initiated program.

Information and Pubic Relations Department

of the City Hall of Yerevan