The European Bank for Reconstruction and Development (EBRD) said Monday that it will invest $4 million in the modernization of the streetlight system in Yerevan, Armenia. 

EBRD said that approximately a third of all Armenians live in the capital city, which is currently using outdated light bulbs that are mercury based. These bulbs are considered to be wasteful and an environmental hazard. The project will install new LED-based lights, a monitoring system and pole replacement and revisions. The project will also improve energy efficiency. 

The new bulbs will be visibly brighter than their mercury counterparts, thus increasing safety for drivers and pedestrians. 

“We welcome this project and are pleased to support it with financial means as well as technical assistance," EBRD Yerevan Office Head Mark Davis said. "The new street lighting will contribute to Yerevan’s goal of reducing its CO2 emissions, while at the same time significantly reducing the city’s energy bill. In addition, the project will contribute to the comfort and safety of residents.”