On 3 March, Armenia's Ministry of Finance, the European Bank for Reconstruction and Development (EBRD) and the Gyumri City Hall signed a grant agreement where the EBRD would allocate a grant of 2 million euros from its E5P Fund for the modernization of roads and street lighting in Gyumri, reported arka.am. The agreement was signed by the Minister of Finance Atom Janjughazyan, the head of EBRD Yerevan Office Dimitri Gvindadze, the mayor of Gyumri Samvel Balasanyan and the Director of E5P Fund in EBRD Eva Manik. 

The project would refurbish a street lighting in the City of Gyumri replacing existing high-pressure mercury-based lightbulbs with modern energy efficient LED lightbulbs, upgrading the electrical supply cabling, pole replacement and installing safety equipment to protect and extend the lifetime of the LED lanterns. The project aims to improve service quality and environmental standards by reducing energy consumption and CO2 emissions and improving lighting level towards international standards in Armenia.

The EBRD is the leading institutional investor in Armenia, which has invested 1.4 billion euros in 180 programs since its inception in Armenia in 1992. In Armenia the EBRD focuses on developing the financial sector, improving transport infrastructure, supporting the development of value-added industrial companies, improving the business environment and strengthening corporate governance, and supporting the development of sustainable energy infrastructure and investments in mining projects with high standards of environmental and social protection. 

The Eastern Europe Energy Efficiency and Environmental Partnership (“E5P”) unites the Eastern Partnership countries, European Commission and other bilateral donors  in the region to coordinate and accelerate the implementation of important energy efficiency and environmental projects. It was established in 2010 and began operating in Ukraine and expanded to Armenia, Georgia and Moldova in 2014, and to Belarus in 2017. The E5P resources are close to 200 million Euro.