YEREVAN. – The Ministry of Finance of Armenia was the venue Monday for the signing of several agreements between Armenia and the European Bank for Reconstruction and Development (EBRD).

The documents are within the framework of the Yerevan Street Lighting Project, and they include the respective loan, project, and project assistance agreements.

The EBRD will provide Armenia US$ 4 million within the framework of the loan agreement.

The proceeds of the EBRD loan will finance a pilot project to refurbish the street lighting network of 28 streets, and to have an energy efficient and safe outdoor lighting network in Armenia’s capital city.

The capital investments of this pilot program will total US$ 6 million.

The loan has a maturity of up to ten years, whose three years will be a grace period.