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Yerevan City Hall Intends To Attract Two Credits To 10 Mln Euro For

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  • Yerevan City Hall Intends To Attract Two Credits To 10 Mln Euro For

    YEREVAN CITY HALL INTENDS TO ATTRACT TWO CREDITS TO 10 MLN EURO FOR REHABILITATION OF YEREVAN METRO

    ArmInfo
    2009-05-25 16:54:00

    ArmInfo. Yerevan City Hall is carrying on negotiations on attraction
    of credit to 5 mln Euro from the European Bank for Reconstruction and
    Development (EBRD) and 5 mln Euro from the European Investment Bank
    (EIB) for rehabilitation of Yerevan Metro, press-service of Yerevan
    Metro Company told ArmInfo.

    According to EBRD data, the funds will be directed to development of
    the enterprise and improvement of the security system. In general,
    this project are considered as part of the improvement programme and
    reformation of the public transport in the capital of Armenia. Besides
    the credits, the Metro expects to receive a grant to 5 mln Euro from
    the European Union under EU's Neighbourhood Investment Facility. The
    total project cost is estimated to be up to EUR 16.63 million.

    To note, the shares of Yerevan Metropolitan Karen Demirchyan CJSC
    belong to the government of Armenia in the person of Yerevan City
    Hall. The Metropolitan was put into operation in 1982. No serious
    investments have been attracted for its reconstruction and upgrading
    ever since, as a result of which the major part of the equipment and
    cars need repair. The European Investment Bank is EU body founded in
    1959 by the European Union for assistance in development, integration
    and cooperation through extension of investment loans.
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