Armenia to receive 5 mln euros from EBRD for Yerevan Metro reconstruction

YEREVAN, August 6. /ARKA/. Armenian will receive 5-million euro credit from the European Bank for Reconstruction and Development for reconstruction and modernization of Yerevan Metro, the Municipality reports on August 4.

The agreement was signed between the EBRD, Yerevan Municiplaity, Armenia’s Finance Ministry and “Yerevan Metro after Karen Demirchyan” CJSC on August 3. Another 5 million euro will be allocated by European Investment Bank. Armenia will also receive the same amount in the grant from the European Union. 

This agreement starts the second phase of the metro reconstruction project. The main focus of the program is to modernize drain and energy saving systems as well as the rolling stock. 

The first phase of the program, implemented in 2010, was targeted at enhancing safety and energy efficiency of the metro. It was financed by EBRD, EIB and EU either. 

Signing the agreement, Mr. Margaryan stated that EBRD is a reliable and important partner of the Municipality, and expressed confidence that the sides will continue implementing new joint programs.

“Metro is one of the most important means of transportation in the capital. Yerevan metro is always on the agenda of the Municipality. We attach great importance to the implementation of this program as we solve safety issues of our citizens,” Mr. Margaryan added.

Head of EBRD Yerevan Office Valeriu Razlog, on his side, expressed willingness to continue implementing joint projects in urban development sphere.

Yerevan Metro after Karen Demirchyan was built in 1981. Currently, it has ten stations. The total distance of metro is 13.4 km. -0-

14:16 06.08.2012