Yerevan/Mediamax/. European Bank for Reconstruction and Development (EBRD) will provide 15mln EUR for reconstructing Yerevan Metro.

Mediamax reports that the 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 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 security of the Metro”. Within the framework of 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 also 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.