Yerevan /Mediamax/. European Bank for Reconstruction and Development (EBRD) will allocate a credit at the volume of 5mln euro for reconstruction of Yerevan subway.

As Mediamax was informed in EBRD, the means will be spent for modernization and increase of subway security.

The operation would primarily benefit lower-income groups, who rely on the poorly maintained metro system.

The credit will be provided to “Yerevan Subway after Karen Demirchyan” CJSC under under a sovereign guarantee.

The total project cost is estimated to be up to EUR 16.63 million.

On top of the Bank’s loan, the European Investment Bank is also considering a loan of EUR 5 million and the EU’s Neighbourhood Investment Facility has approved a grant in the amount of EUR 5 million.