The project to amend the "Gyumri City Roads" loan agreement signed between RA and EBRD on May 11, 2016, was presented to the National Assembly.

TCE Minister Vache Terteryan informed us that the center of Gyumri was transformed by the loan agreement, especially in terms of lighting and roads. The agreement signed in 2016 worked effectively; there was still tranche C worth 6 million euros, which concerns lighting. As a result of the performed works, it was found that the change of lighting, however, also implies a change of the cable network, and this, in turn, requires the transformation of the road; along with that, there is also a need to change other infrastructures, such as water and sewerage. As a result of an additional study, it was found that there is a need to attract additional funds.

"We are not extending the period of the previous works; they have already been completed, but we are extending the period only of the last tranche, which has undergone substantive changes, both in terms of structure and attracting additional funds," the reporter noted and informed that according to the agreement 6 million euros was already planned, there was a saving of 2.7 million, and there was a need to attract 2.7 million additional credit resources and extend the term.

It is planned to attract an additional loan of 2,720,000 euros from the bank for the repair and lighting of roads in Ani and Austrian districts of Gyumri city. The end of 2028 was the last availability date for all loan tranches.

"Modern ecological lighting is one of the fundamental provisions of the entire credit resource and our cooperation with the EBRD," stated the deputy minister.