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A grant agreement on modernization of Gyumri roads and street lighting has been signed at the Ministry of Finance
03.03.2020
A grant agreement on modernization of Gyumri roads and street lighting has been signed at the Ministry of Finance

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.