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February 11, 2011 Friday 6:30 AM EST
ARMENIA : Armenia to get 5 million loan from European investment bank
for subway reconstruction
Following the discussions about the ratification of the agreement with
European Investment Bank on the first stage of reconstruction of
Yerevan Subway, in the Armenian National Assembly, Deputy Finance
Minister Vardan Aramyan concluded that the bank would lend 5 million
to Armenia for reconstruction of the Yerevan Subway.
The loan will be under an agreement signed on August 10, 2010. This
loan will be extended at EURIBOR+0.75% interest rate for 15 years.
European Bank will provide another 5 million loan for Reconstruction.
Additionally 5 million loan has been guaranteed by Development and the
EU Neighborhood Investment Fund. The first stage of the reconstruction
implies enhancement of safety, repair of vehicles as well as recovery
of dilapidated rails, power-supplying facilities and pumping units,
said Aramyan.
The minister added that this reconstruction would enable the subway to
operate for other 30 or 40 years. Completion of the first stage of
Yerevan subway reconstruction is scheduled in 2012.
From: A. Papazian
February 11, 2011 Friday 6:30 AM EST
ARMENIA : Armenia to get 5 million loan from European investment bank
for subway reconstruction
Following the discussions about the ratification of the agreement with
European Investment Bank on the first stage of reconstruction of
Yerevan Subway, in the Armenian National Assembly, Deputy Finance
Minister Vardan Aramyan concluded that the bank would lend 5 million
to Armenia for reconstruction of the Yerevan Subway.
The loan will be under an agreement signed on August 10, 2010. This
loan will be extended at EURIBOR+0.75% interest rate for 15 years.
European Bank will provide another 5 million loan for Reconstruction.
Additionally 5 million loan has been guaranteed by Development and the
EU Neighborhood Investment Fund. The first stage of the reconstruction
implies enhancement of safety, repair of vehicles as well as recovery
of dilapidated rails, power-supplying facilities and pumping units,
said Aramyan.
The minister added that this reconstruction would enable the subway to
operate for other 30 or 40 years. Completion of the first stage of
Yerevan subway reconstruction is scheduled in 2012.
From: A. Papazian