Yerevan deputy mayor Kamo Areyan introduced Monday, October 5, the city's street lighting loan program to the National Assembly, with the European Bank for Reconstruction and Development (EBRD) set to provide a $4 million loan.

The Eastern Europe Energy Efficiency and Environment Partnership ($2 million) and EBRD will fund the project with a $7 million capital cost.

The project envisages energy-efficient street lighting, with energy-saving lamps and automatic control system set to be installed on 28 streets in Yerevan.

The National Assembly ratified the loan agreement on Yerevan street lighting project between Armenia and the EBRD, signed on May 11.

The loan has a maturity of 10 years and a 3-year grace period.