Yerevan Subway to Launch the Second Phase of Reconstruction

Yerevan city hall, Armenian Ministry of Finance, and Yerevan subway have concluded a contract with the European Bank for Reconstruction and Development (EBRD) on August 3. The EBRD will grant €5 million to secure the subway's reconstruction. The contract was concluded by RA Minister of Finances Vache Gabrielyan and EBRD Yerevan office head Valeriu Razlog.
Besides the EBRD, the project will be co-invested by the European Investment Bank €5 million and by the EU with the same amount as an investment grant.
This phase of the program will be mainly directed to drainage problem removal. Reconstruction of tunnels, wagons and modernization works will also be realized.
The loan has been given for 15 years, three of which privileged, with a six-month EURIBOR+1% spread rate.
At the same time the EBRD head Valeriu Razlog paying importance to the cooperation with the city hall expressed readiness to continue realizing projects between the bank and the city hall on civil economy fields.