Yerevan/Mediamax/. Government of Armenia and European Investment Bank (EIB) concluded a credit agreement in Yerevan today for €5mln, aiming at Yerevan Metro reconstruction.

Mediamax was informed in the press service of the government that the signed agreement is the first stage of the program on reconstructing Yerevan Metro.

The total volume of resources, provided to Armenia within the framework of this program, will make €15mln: €5mln will be allocated by European Bank for Reconstruction and Development (the corresponding agreement was signed in March, 2010), and the remaining €5mln will be provided by European Neighborhood Policy Investment Program as a grant.

EIB credit is provided to Armenia for the repayment term of 15 years with 4 years’ period of grace at the 6 months’ interest rate of EURIBOR+ 0.75.

The sum will be directed at realizing an investment program on reestablishing the metro system, conducive to accident, repairing the rolling stock, the depreciated sections of the ways and the system of electricity supply. They will also substitute the technical train and the pump houses.

The first stage of the program is planned to be completed by the end of 2012.