ArmInfo. On February 15, the Government of Armenia approved the proposal to sign Agreement No. 2 on amending the loan agreement Gyumri Urban Roads Project signed between the Republic of Armenia and the European Bank for Reconstruction and Development (EBRD) on May 11, 2016.
As noted in the explanation to the document, for the implementation of the Gyumri Urban Roads Project, loan funds in the amount of 14.6 million euros and grant funds in the amount of 5.3 million euros were attracted from the EBRD. Another grant of EUR 2 million was raised from the Eastern Europe Energy Efficiency and Environment Partnership (E5P) regional fund. The attraction of loan and grant funds was carried out in three tranches: two tranches of a loan of 5.3 million euros and two EBRD grants of 2.65 million euros were aimed at road construction, and the third tranche of a loan of 4 million euros and an E5P grant was aimed at modernizing urban lighting.
