By Adonia Agayan

YEREVAN, August 11 — Armenian Minister of Finance Tigran Davtyan and Constantin Sinadino, the head of the European Investment Bank division and Head of the Eastern Europe, Southern Caucasus, Russia & Central Asia Department, signed a loan agreement of €5 million for the implementation of the Yerevan Metro Rehabilitation Project.

The loan will be allocated for a 15-year term with a four-year grace period.

At this stage the funds will be aimed at the Yerevan Metro fallback recovery of the investment program within the framework of which the metro rolling-stock will be repaired and the worn-out railway lines as well as components of the power supply system will be restored. Also the technical train and pumping stations will be replaced to promote a safe and comfortable metro system.

This sum is a part of the package amounting to €15 million which is expected to be allocated for the implementation of the first stage of the project.

Also, according to an agreement concluded on March 10, the European Bank for Reconstruction and Development will allocate €5 million. And another €5 million will be allocated by the European Union Neighborhood Investment Facility (NIF).

The first stage of the rehabilitation program is to be completed at the end of 2012.

Yerevan Report