WB approves $1.82m grant Energy Efficiency Project for Armenia

PanARMENIAN.Net - The World Bank’s Board of Executive Directors approved a US$1.82 million grant from the Global Environment Facility (GEF) Trust Fund for the Energy Efficiency Project for Armenia. The project will help to reduce energy consumption of social and other public facilities.

This project will support energy efficiency investments in schools, kindergartens, hospitals, administrative buildings, and street lighting and will reduce energy consumption of retrofitted public and social facilities as well as CO2 emissions.

“We are pleased that children and hospital patients, students, employees and users of administrative buildings will be the main beneficiaries of the proposed energy efficiency investments,” said Jean-Michel Happi, World Bank Country Manager for Armenia. “Armenia will start reaping the benefits of energy efficiency through reduced energy costs, improved comfort levels, and upgraded facilities.”

The GEF unites 182 countries in partnership with international institutions, non-governmental organizations (NGOs), and the private sector to address global environmental issues while supporting national sustainable development initiatives. Today the GEF is the largest funder of projects to improve the global environment. An independent financial organization, the GEF provides grants for projects related to biodiversity, climate change, international waters, land degradation, the ozone layer, and persistent organic pollutants. Since 1991, GEF has achieved a strong track record with developing countries and countries with economies in transition. GEF has provided US$9 billion in grants and leveraged US$40 billion in co-financing for over 2,600 projects in over 165 countries.

The project will be supported by US$8.3 million from the government funding, US$1.82 million from the GEF grant, and US$0.54 million co-financing from the Renewable Resources and Energy Efficiency Fund (R2E2 Fund). The Government funding will include repayments of the revolving funds under the recently completed World Bank supported Urban Heating and Renewable Energy projects.