Epress.am News from Armenia
The European Investment Bank has signed a loan agreement worth €5 million with Armenia to renovate Yerevan’s metro system, a sum which is part of a .
The RA Ministry of Finance Public Affairs Office states that the sum is for allocated for the first stage of the project. The total loan amount will be €15 million — €5 million of which will be loaned by the European Bank for Reconstruction and Development, for which it has signed an agreement on March 10. The remaining €5 million will be granted as part of the EU’s Neighborhood Investment Program.
The loan conditions include a 15-year payback period with a 4-year grace period, and a 6-month EURIBOR + 0.75 interest rate.
The first phase of the project, which will include renovating worn out railway tracks and power system components, and replacing the technical train and pump stations, is scheduled to be completed by the end of 2012.