March 3, 2016 - 18:30 AMT
Armenia secures €24 mln loan to build garbage dump near Yerevan

The European Bank for Reconstruction and Development (EBRD) is providing an €8 million loan to Armenia for the construction of a Yerevan-based solid waste landfill that complies with EU regulations, the Deputy Finance Minister said Thursday, March 3, according to ARKA.

As Pavel Safaryan noted, the loan is co-financed by an €8 million credit line from the European Investment Bank (EIB) and a capital grant of €8 million from the European Union Neighborhood Investment Facility (NIF).

The official said the loans will be provided on standard terms and “are quite reasonable from a financial point of view.”

He said the new landfill will meet international standards and operate as a commercially sustainable unit with modern solid-waste management systems. The facility, located in the outskirts of Yerevan in Nubarashen, will provide major environmental and social benefits for the 1.1 million residents of Armenia’s capital.

It is the second landfill project in Armenia, following the Kotayk landfill signed in 2014. The project confirms the EBRD’s commitment to supporting government plans for the modernization and upgrading of Armenia’s waste management system to European standards.