Cooperation between EBRD and RA Government is Getting Effective

• 05.13.2015, 14:12
•  Armenia

European Bank for Reconstruction and Development (EBRD)President was welcomed by the Armenian Prime Minister and the President Serzh Sargsyan. On Monday the President of the RA and the Prime Minister Hovik Abrahamyan each separately received the delegation headed by Suma Chakrabarti, President of the EBRD. The President Sargsyan appreciated the activities and cooperation carried out by the Bank in Armenia for so many years. He also expressed hope that Suma Chakrabarti’s regular visit to Armenia will be as effective and will give a new impetus to the collaboration. EBRD cooperation is not limited only by financing of economic infrastructure development programs funded by the Bank, it involves also many other long-term economic programs. The EBRD president expressed his readiness to use the bank’s complete package of tools to support the Armenian government in its efforts to improve the business environment. The Bank can be a bridge between Armenian and European Union.

The meeting finished with signing an agreement on a pilot project totaled $4 million. The fund is directed to the modernization of Yerevan’s street lighting system by introducing new energy-efficient technologies. The streets lighting network consists of old, inefficient and environmentally polluting mercury-based lights. The heavy-metal based content of the current lighting system contributes to energy waste and is a considerable environmental hazard. Due to the antiquated condition of the current system and the high percentage of lights that are not working, large parts of the city have no sufficient lights. So, the pilot project will introduce new energy-efficient LED lighting, a control and monitoring system, pole replacement and renovation. This is a good opportunity to improve the environment of the capital and to make the service quality better .

The advantage of collaborating with the Bank iis that the Bank gives loans for special projects that support infrastructures improvement. It contributes economic development projects; on the other hand the implementation of the projects is under monitoring of the Bank.