Armenia’s parliament ratifies 5 million euro loan agreement with European investment bank for rehabilitation of Yerevan metro

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Economy

13.11.2013, 15:38

Armenia’s National Assembly has ratified today a 5 million euro loan agreement with the European Investment Bank (EIB). The loan will be used for the second stage of a program designed for rehabilitation of Yerevan Metro.

Armenia’s parliament ratifies 5 million euro loan agreement with European investment bank for rehabilitation of Yerevan metro

YEREVAN, November 13. / ARKA /. Armenia’s National Assembly has ratified today a 5 million euro loan agreement with the European Investment Bank (EIB). The loan will be used for the second stage of a program designed for rehabilitation of Yerevan Metro.

Presenting the agreement to the parliament, deputy minister of finance Suren Karayan said the total cost of the two-stage rehabilitation program is 30 million euros. The first stage of the program worth 15 million euros was completed, he said.

"The funds were used to upgrade the rolling stock, restore railway lines and power supply system components, to acquire a trolley, to replace pumping stations and increase the safety of services,” he said.

The deputy minister said also that the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) will provide 5 million euro loans each and another 5 million as a grant will come from the EU Neighborhood Investment Facility.

Karayan said that EIB loan is repayable in 20 years with a four-year grace period and an interest rate of EURIBOR + 0.693 % margin.

"These funds will be used for the renovation and expansion of drainage tunnels, to back underground and anti-corrosion work, to improve facilities and service stations, to repair and modernize the rolling stock," he added. The program is scheduled to end in 2015 December. -0-

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