The European Bank for Reconstruction and Development (EBRD) and InecoBank CJSC are joining forces to bolster the development of the EU TUMO Convergence Centre for Engineering and Applied Science in Yerevan. This partnership includes a shared financing of €14.5 million, with the EBRD contributing €7.25 million.
According to the EBRD press service, the funds will ignite the development of a multifaceted complex designed to serve as a cutting-edge innovation hub equipped with state-of-the-art facilities for engineering and applied sciences, fostering innovation and economic growth in Armenia.
The total project budget of €30 million, in parallel co-financed by the EU Delegation to Armenia and TUMO, is a unique STEM hub, designed by the world-renowned Dutch architecture firm MVRDV. It will focus on sparking innovation and closing the gap between academia and industry through its original learning and research programs such as TUMO Labs and 42 Yerevan coding school. The Convergence Center’s flagship building will be a horizontal skyscraper incorporating educational space, conference halls and exhibition/event venues, coworking areas, and training facilities to meet the diverse needs of both individuals and enterprises, as well as working and retail facilities.
With support from the Global Environment Facility, the centre will integrate innovative green investments and energy management solutions, including PV panels, high-performance facade glazing, and smart climate control systems, thereby contributing to enhanced energy efficiency and environmental sustainability.
The financial package will also be complemented with technical cooperation to help Armenian refugees integrate into the labour market, as part of the EBRD’s Refugee Crisis Response. This programme, supported by the TaiwanBusiness-EBRD Technical Cooperation Fund, will boost the employability of the displaced population, subsequently restoring livelihoods, by providing bespoke and market-relevant training in the digital, ICT and design fields.
Renowned for its free-of-charge educational programme, which empowers teens to direct their own learning, TUMO operates five hubs in major Armenian cities, with 23 “TUMO boxes” (shipping containers converted into educational spaces) in neighbouring towns and centres in various international locations.
The EBRD is one of the largest institutional financiers in Armenia. Over the past five years, the Bank has invested €640 million in the country, supporting private sector development, infrastructure enhancement, renewable energy generation and rural digitalisation.
To date, the EBRD has invested over €2.1 billion in 211 projects across Armenia.
