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€5 million European Investment Bank loan for Yerevan metro upgrade
10-08-2010The European Investment Bank (EIB) today signed its first loan agreement with Armenia, providing €5 million in financing for upgrading the metro in the capital Yerevan.
Yerevan’s metro is one of the city’s main transport systems. The EIB will co-finance the rehabilitation of rolling stock, track and power supply system components, a maintenance train and new water pumps. A press release said the EIB support would improve the quality of life for the citizens of Yerevan by encouraging greater use of public transport and reducing car emissions and other environmental problems. Passenger comfort, transport safety and the working conditions of Yerevan metro staff will also benefit from the project, the press release said.
The project is being co-financed by the European Bank for Reconstruction and Development (EBRD) and a grant from the European Commission’s Neighbourhood Investment Facility (NIF). (ENPI Info Centre)
ENPI Info Centre webpage – Armenia
