First loan agreement on Yerevan Metro Rehabilitation Project signed

13:47 10/03/2010 » Economy

First loan agreement on Yerevan Metro Rehabilitation Project signed

The first loan agreement, with participation of the European Bank for Reconstruction and Development (EBRD), was reached today to cover immediate rehabilitation needs including safety upgrades of Yerevan Matro in the frames of Yerevan Metro Rehabilitation Project. The investment is part of the plan to improve and reform public transport services in the capital of Armenia.

Besides the loan package worth €15 mln., the EBRD shareholders’ special fund will allocate €1 mln. more for the implementation of technical works, Valeriu Razlog, head of the EBRD Yerevan Offcie, told reporters today.

As he said, the first part of the sum will be allocated in the pre-signing stage, while the second part will come at the post-signing one.

“The implementation of the project will cut electric power expenses by 50%. The project targets at upgrading the quality and the efficiency of Yerevan Metro services,” V. Razlog said.
 

Source: Panorama.am

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