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Armenia to get 5 million loan from European investment bank

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  • Armenia to get 5 million loan from European investment bank

    Tendersinfo News
    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
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