Tag Archives: the Eastern Europe Energy Efficiency and Environmental Partnership (E5P) fund

1 December marked the end of a two-day working visit to Armenia made by the European Investment Bank‘s (EIB) Vice President, Vazil Hudak. Two new agreements with Armenian counterparts were signed.
In the morning, the Vice President met with the Mayor of Yerevan, Taron Margaryan, to discuss joint programmes and sign a loan agreement on energy efficiency. Thanks to the EIB funding, Yerevan will become greener and more energy efficient. An EIB loan worth €7 million will help the Yerevan Municipality to increase energy efficiency in kindergartens, lowering energy and maintenance costs as well as allowing for the reduction of CO2 and other greenhouse gas emissions. In addition, the Eastern Europe Energy Efficiency and Environmental Partnership (E5P) fund has allocated €5 million grant and the Green Climate Fund (GCF) has granted €1 million to allow Yerevan to fulfil its promises and obligations towards energy efficiency.

^647CEFD4377B4D9331DCBB0CFDAD7CC99DE7A6554068870F80^pimgpsh_fullsize_distrLater, Vazik Hudak met with the Armenia’s Minister of Finance Vardan Aramyan, to discuss ways to enhance collaboration. They also signed a grant agreement to allow E5P to release €2 million for the Yerevan Solid Waste Project. Since 2015, the project has aimed to improve solid waste management in Yerevan through three components. The first component is the construction of a new sanitary landfill and auxiliary infrastructure. The new landfill, to be located near Nubarashen landfill (12 km away from the centre of Yerevan), will reduce negative impact of the existing non-sanitary landfill on the environment, public health and climate. The second component of the project covers the closure and rehabilitation of the existing landfill after the new landfill is put into operation. The third component will prepare and introduce systems and facilities that will increase recycling volumes by extending the life of the new landfill. The grant funds under this new agreement are envisaged to finance the second component of the project.
Funding allocation is as follows: €8m loan from the EIB; €8m loan and €1.9m technical assistance grant from the European Bank for Reconstruction and Development (EBRD); €8m grant from the European Union through the Neighbourhood Investment Facility (NIF); €0.5m grant from the Municipal Project Support Facility and €2m grant from the E5P.

^3A56217401DA0C3FC2180C50B83C742821401547B6267EE903^pimgpsh_fullsize_distrThe Vice President expressed his happiness over the opportunity to sign these agreements: ‘First of all let me speak about the loan agreement on energy efficiency. This is the first agreement between an international financial institution and the Municipality. So it is a historic moment, because, until now, only the Government or State was working with international financial institutions, like the EIB. Now, however, municipalities like Yerevan can work with us directly. This support will help energy efficiency in Yerevan over 3 years, and energy efficiency in kindergartens in the city will increase. As for the Yerevan Solid Waste Project, it involves both grants and loans. We are sure this project will be good for the city. The old landfill will be replaced by a new one; this means that people in Yerevan will have a brand new site which meets the highest-quality health standards. It will also aid waste-diversion measures in the surrounding regions’.