YEREVAN, August 11. /ARKA/. Armenian Minister of Finance Tigran Davtyan and Head of European Monetary System and Environment of East Europe, Russia, South Caucasus and Central Asia of European Investment Bank Constantin Synadino signed credit agreement of 5 million Euro targeted at the implementation of reconstruction program of Yerevan underground.

Credit is provided for 15 years, of which four years – with privileged 6-month percent rate EURIBOR+0.75.

The amount will be directed at implementation of investment program of emergency system reconstruction of Yerevan underground. In the frames of the program rolling stock of underground, depreciated railways and components of energy system will be reconstructed. Technical train and pump stations will be changed for the provision of secure and comfortable operation of underground.

The above mentioned amount is the main part of investment package of 15 million Euro envisaged for the first phase of the program.

Credit of 5 million Euro is provided by European Bank of Reconstruction and Development, on which agreement was signed on March 10, 2010. Another 5 million Euro will be provided by Investment Fund of European Neighborhood as a grant.

It is planned to finish the first phase of the program by the end of 2012.  --0--