Yerevan Municipality, Armenia’s Finance Ministry and Karen Demirchyan Yerevan Metro Company signed a loan agreement with the European Bank for Reconstruction and Development (EBRD) on allocation of five million euros for reconstruction and upgrading of Yerevan underground.

According to municipality’s press release, the program will be co-financed by the European Investment Bank (EIN), European Union investment grant each providing 5 million euros. The agreement gives start to the second round of underground restoration program. EBRD, EIB and the EU financed the first round of the program too providing 15 million euros.

Mayor Taron Margaryan said the EBRD is reliable and serious partner for the Yerevan Municipality and voiced conviction that joint programs will involve other spheres of cooperation as well.

Referring to the underground restoration works, the mayor noted that the underground is one of important transport means of the capital and that the Yerevan metro is always in focus of the municipality. “We attach great significance to the implementation of the program as with it we first of all solve the issue of safety of our residents,” the mayor said.

Finance Minister Vache Gabrielyan said the signed agreement will make Yerevan metro restoration program complete.
“Armenia’s government keeps under the limelight the development of capital’s infrastructures, trying to attract investments for it,” the minister said.

The second round of the program will mitigate water ingress in the metro tunnel. The modernization of wagons is another important element of the program.

EBRD Yerevan office director Valeri Razlog rated high the cooperation with the Yerevan municipality, expressing gratitude for effective joint work. He voiced readiness to continue implementation of programs with the municipality in different spheres as well.