On January 9, the Armenian government approved a new €38 million energy efficiency program for Yerevan. Signed with the European Investment Bank (EIB) in November 2024, the project aims to modernize 32 kindergartens and 6 polyclinics in the capital.
The EIB will provide the bulk of the financing with a €25 million loan. Additionally, the EU Neighborhood Investment Platform will contribute a €10.1 million grant and €900,000 in technical support. Yerevan Municipality will invest €2 million in the project.
The modernization is expected to reduce energy consumption at the facilities by 65%, enhance their seismic safety, and extend the lifespan of the buildings. The program also aims to lower CO2 emissions and improve service quality for visitors. Notably, the agreement does not impose any additional financial obligations on Armenia's state budget.
