EBRD, EU and E5P develop solid waste management in Armenia.
London: The European Bank for Reconstruction and Development (EBRD) is providing a EU5.5 million loan to Armenia for the implementation of modern solid waste management solutions in the Kotayk and Gegharkunik regions.
The loan amount includes of a previously signed EU3.5 million and a newly added EU2 million EBRD sovereign loan, which will allow for an extension of the geographic coverage of the Kotayk Solid Waste Management to the adjacent Gegharkunik region.
The new landfill - the first in Armenia that is compliant with EU regulations - will be located in the city of Hrazdan in the Kotayk Province and managed by twelve participating municipalities - Hrazdan, Abovian, Charentsavan, Tsakhkadzor, Byureghavan, Yeghvard, Nor Hachn, Sevan, Martuni, Gavar, Vardenis and Chambarak. It will operate as a commercial unit with modern solid waste management systems, covering the collection and disposal of municipal solid waste. The services will generate major environmental and social benefits for some 500,000 people in the area.
The EBRD loan is complemented by grant financing of EU5.5 million, provided by the European Union Neighbourhood Investment Facility (EU NIF) with a contribution of EU3.5 million and a EU2.0 million grant from the Eastern Europe Energy Efficiency and Environment Partnership (E5P) fund.
The Austrian government will support the implementation of the project and the corporate development of the landfill management company. Additional grant funds are provided by the EBRD's Shareholders' Special Fund and the Early Transition Countries Fund.
The legal agreements for the loan were signed on Wednesday in Yerevan by Armenia's Minister of Finance Gagik Khachatryan, the twelve participating municipalities and the EBRD.
The new landfill represents a significant step forward in implementing Armenia's plans to modernise and upgrade the country's waste management system to EU standards. It will serve as an example of raising public awareness of the importance of sustainable solid waste management.
Mark Davis, Head of the EBRD's Yerevan Resident Office, said: "This investment will bring substantial benefits to the regions' residents and environment and will help to develop a wider use of recycling. We are grateful for the strong support from our donors who see modernisation and environmental protection as much as a priority as we do."
Since the start of its operations in Armenia in 1992, the EBRD has invested over EU1 billion in 148 projects in the country's financial, corporate, infrastructure and energy sectors, with 87 per cent of investments being in the private sector.
|Printer friendly Cite/link Email Feedback|
|Publication:||Daily the Pak Banker (Lahore, Pakistan)|
|Date:||Apr 19, 2016|
|Previous Article:||EBRD launches Ukraine Residential Energy Efficiency Financing Facility.|
|Next Article:||Tell us why your #EBRDcountry is special.|