TendersInfo
March 11, 2010 Thursday

Armenia : First loan agreement on Yerevan Metro Rehabilitation Project
gets signed

The first loan agreement, with participation of the European Bank for
Reconstruction and Development (EBRD), was reached today to cover
immediate rehabilitation needs including safety upgrades of Yerevan
Matro in the frames of Yerevan Metro Rehabilitation Project. The
investment is part of the plan to improve and reform public transport
services in the capital of Armenia.

Besides the loan package worth 15 mln., the EBRD shareholders special
fund will allocate 1 mln. more for the implementation of technical
works, Valeriu Razlog, head of the EBRD Yerevan Offcie, told reporters
today.

As he said, the first part of the sum will be allocated in the
pre-signing stage, while the second part will come at the post-signing
one.

The implementation of the project will cut electric power expenses by
50%. The project targets at upgrading the quality and the efficiency
of Yerevan Metro services, V. Razlog said.

From: Emil Lazarian | Ararat NewsPress