At the meeting on May 14, the Council of Elders of Yerevan approved the receipt of a 25 million euro loan to improve the energy efficiency of buildings.
Yerevan's Deputy Mayor Levon Hovannisyan announced that this loan will be provided by the European Investment Bank (EIB) to enhance energy efficiency in 32 kindergartens and six clinics.
It is reported that the total budget of the program is 37.1 million euros. The municipality of the capital will also allocate 2 million euros for joint financing. In addition to the loan, the EIB will allocate a grant of 10.1 million euros for these purposes.
"The implementation of works under the program and the commissioning of buildings must be carried out within 4 years after the signing of the loan agreement," Hovannisyan said.
It is expected that the project will be submitted to parliament for final approval.
