YEREVAN ENERGY EFFICIENCY

The project involves the rehabilitation of municipal buildings in Yerevan, the capital city of Armenia. The loan amount is expected to be phased in two or three finance contracts.

The main objective of this project is to increase the energy efficiency of municipal buildings, which will have a significant impact on CO2 emission reduction and thus contribute to climate change mitigation. Besides this, energy efficiency investments will generate local and regional economic activity, particularly in the construction industry, and therefore support the development of the private sector and small and medium-sized enterprises (SMEs).

This operation intends to bring environmental benefits by supporting i) projects that reduce energy consumption in public buildings and ii) projects with other small specific energy efficiency measures, having a short payback, thus helping to mitigate climate change as well as improving seismic safety and accessibility for disabled people. The individual schemes to be financed are likely to be small and are expected to have a very limited negative environmental impact, if any at all. Given the scale, location and nature of the schemes in built-up urban areas, environmental impact assessment (EIA), as defined in the EIA Directive 2011/92/EU, should normally not be required. Compliance with the Bank's environmental and social standards will be further assessed during appraisal.

The Bank will require the municipality of Yerevan to ensure that implementation of the project is done in accordance with the Bank's Guide to Procurement.

This operation is covered by the ELM Guarantee.