15MLN EUR FOR RECONSTRUCTION OF THE YEREVAN METRO
Hasmik Dilanyan

"Radiolur"
10.03.2010 17:45

The European Bank for Reconstruction and Development (EBRD)
will provide 15mln EUR for reconstruction of the Yerevan Metro. A
corresponding agreement was signed in Armenian Ministry of Finance
today.

>From the total sum, 5mln EUR will be provided directly by EBRD, 5mln
EUR – from the European Investment Bank, and 5mln EUR – by the European
Union (as a grant). The loans are provided for the term of 15 years
with the grace period of 3 years at the interest rate of EUR LIBOR+1%.

According to Yerevan Mayor Gagik Beglaryan, "this is a very important
project for Yerevan residents, since it will allow increasing the
security of the Metro."

Under the program, the rolling stock will be updated, drainage work
will be carried out and electricity cables will be substituted by
new ones. This program will allow cutting down expenses for Metro
electricity by 50%.

Gagik Beglaryan also informed that Yerevan City Administration is
in process of negotiations with Asian Development Bank on financing
completion of "Achapnyak" metro station construction.