Yerevan metro to be reconstructed
Armenian Government starts reconstruction of Yerevan metro in 2010. The program is financed by the European Bank for Reconstruction and Development (EBRD).
On 10 March 2010 RA Government and the EBRD signed a 15 million euro loan agreement. The agreement was signed by the finance minister Tigran Davtyan and head of the EBRD Yerevan office in Yerevan Valeriu Razlog.
According to the ministry of finance, the EBRD and the European Investment Bank will provide 5 million euros each for the same interest rate - just over 1% (Libor +1%), another 5 million euros will be granted under the EU Neighbourhood Investment Facility. Funds are provided for 15 years, at a 3-year grace period, reports the Ministry of Finance.
The program is expected to halve energy consumption and increase effectiveness of Yerevan metro.
