News & Analysis

EIB invests in efficient green transformation of Armenia

26th October 2021
Beatrice O'Flaherty

The European Investment Bank (EIB), the bank of the European Union, and the city of Yerevan signed work contracts for green refurbishment, energy efficiency and seismic stability improvements in six kindergartens in the capital city of Armenia.

The funds for the upgrades stem from the Yerevan Energy Efficiency Project, a €15 million investment by the EIB, and the multi-donor Eastern Europe Energy Efficiency and Environment Partnership (E5P) fund to improve energy efficiency, seismic stability and the sanitary conditions of 90 kindergartens in Yerevan, the capital city of Armenia.

The Yerevan Energy Efficiency Project finances insulation of kindergarten walls, retrofitting buildings with new windows and doors and improvements to heating, cooling and ventilation systems to reduce energy waste and improve comfort and safety for staff and children alike. Seismic stability measures financed by the project will include reinforcing staircases to withstand stronger earthquakes. The buildings will also be adapted for people with limited mobility, improving social inclusion of children and staff with disabilities.

The project will improve the quality of life for over one million people in the city by creating safer and economically sustainable kindergartens, and contribute to reducing the COfootprint of Armenia’s capital city.

EIB vice president Teresa Czerwińska, who is responsible for operations in Armenia, said: “As the EU bank, the EIB is very happy to be able to invest in a safer and energy-efficient future for the children of Armenia and to support the country in contributing to global climate action by improving energy efficiency. I am also very proud to see different members of the Team Europe working with partners like E5P and UNDP in improving daily life for Armenians. A safer and more comfortable environment for our children and a future for them in a world saved from the devastating effect of climate change is a shared goal of the European Union and Armenia. As the EU climate bank, the EIB is proud to be able to contribute to getting closer to achieving this goal.”

The European Union ambassador to Armenia, Andrea Wiktorin, said: “The European Union is happy to support Armenia with its reform agenda and cooperate under the Comprehensive and Enhanced Partnership Agreement. It is our shared goal to improve the quality of life while bringing additional benefits to Armenia’s economy and society.

"This project will help in primary energy savings and reduced emissions, creating a much safer and caring environment for the kindergartens’ users. Investing in low-carbon and climate-safe buildings is a high priority for the European Union and Armenia, and we need to educate kids and explain that going green is the key to improving the environment for everyone.

"With happy children going to nice, cosy kindergartens, parents will have extra time to pursue their professional goals” mentioned Ambassador Wiktorin today, on the occasion of the Yerevan Energy Efficiency Project contract signing ceremony for construction works involving six kindergartens.”

Said the mayor of Yerevan, Hayk Marutyan: "Today we are signing the contracts for the renovation of an additional six kindergartens, thus ensuring the continuous implementation of the Yerevan Energy Efficiency Project. I would like to give special thanks to the European Investment Bank as our main partner and lender who initiated this very important project for Yerevan.

"First of all, our children, our future generation, will have the opportunity to attend overhauled kindergartens which are safe and seismically resilient. Secondly, the buildings will be adapted for people with mobility problems and will comply with the energy efficiency and sanitary norms, which is very important especially during a pandemic. And lastly, it is the first non-sovereign loan of the city of Yerevan, thanks to the effective implementation of which we will have the opportunity to receive similar non-sovereign loans and implement new projects."

Said the Eastern Europe Energy Efficiency and Environment Partnership (E5P) fund manager, Ewa Manik: “Today’s signing of works contracts brings this important project closer to full-scale implementation. The E5P continues to support Armenia with grant funds of over €24m for municipal sector investments, which help the country to increase energy efficiency and deliver additional environmental and social impacts.

"The works contracts signed today also boost local employment and help with post-pandemic recovery. Such projects with a multitude of benefits and impacts are particularly supported by the E5P contributors. The European Union is the largest contributor to the E5P Fund in Armenia with an amount of €10 million. Other contributors include Sweden (€7m), Germany (€4m), Norway, Denmark, Czech Republic, Finland, Poland, Slovak Republic, Lithuania and the Taiwan Business EBRD TA Fund. Armenia is also an E5P donor with a contribution of €1m".

Funds for the Yerevan Energy Efficiency Project come from a €7 million loan from the EIB, guaranteed by the European Union, a €5m investment grant from the E5P, a €1m technical assistance grant from the Green Climate Fund and €2m of own funds of the Municipality of Yerevan.

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