On March 3, the RA Ministry of Finance, the European Bank for Reconstruction and Development (EBRD) and the Municipality of Gyumri signed a grant agreement at the Ministry of Finance.
According to the Agreement, the EBRD will provide a grant of EUR 2 million from the E5P Fund for the modernization of Gyumri urban roads and street lighting.
The agreement was signed by Atom Janjughazyan, RA Minister of Finance; Dimitri Gvindadze, Head of EBRD Armenia Office; Samvel Balasanyan, Gyumri Mayor and Ewa Manik, E5P Principal Fund Manager at the EBRD.
Grant funds will be used to install a new energy-efficient LED (Light-emitting diode) lighting, control and monitoring system; columns, as well as power cables will be replaced and repaired. As a result, the energy consumption will be reduced and the operating and maintenance costs will be minimized.
New LED lighting will significantly reduce the cost of energy consumption, as a result of which the municipality will save on annual electricity consumption.