YEREVAN CITY HALL INTENDS TO ATTRACT TWO CREDITS TO 10 MLN EURO FOR REHABILITATION OF YEREVAN METRO
ArmInfo
2009-05-25 16:54:00
ArmInfo. Yerevan City Hall is carrying on negotiations on attraction
of credit to 5 mln Euro from the European Bank for Reconstruction and
Development (EBRD) and 5 mln Euro from the European Investment Bank
(EIB) for rehabilitation of Yerevan Metro, press-service of Yerevan
Metro Company told ArmInfo.
According to EBRD data, the funds will be directed to development of
the enterprise and improvement of the security system. In general,
this project are considered as part of the improvement programme and
reformation of the public transport in the capital of Armenia. Besides
the credits, the Metro expects to receive a grant to 5 mln Euro from
the European Union under EU’s Neighbourhood Investment Facility. The
total project cost is estimated to be up to EUR 16.63 million.
To note, the shares of Yerevan Metropolitan Karen Demirchyan CJSC
belong to the government of Armenia in the person of Yerevan City
Hall. The Metropolitan was put into operation in 1982. No serious
investments have been attracted for its reconstruction and upgrading
ever since, as a result of which the major part of the equipment and
cars need repair. The European Investment Bank is EU body founded in
1959 by the European Union for assistance in development, integration
and cooperation through extension of investment loans.