YEREVAN, December 4. / ARKA /. The European Bank for Reconstruction and Development (EBRD) has released 5 million euro loan to Armenia to carry on the rehabilitation and upgrade of Yerevan Metro. The agreement was signed between the EBRD, Yerevan Municipality, Armenia’s Finance Ministry and “Yerevan Metro after Karen Demirchyan” CJSC on August 3 and ratified by the parliament on December 3.

The EBRD’s sovereign loan will be co-financed by an EIB €5 million loan tranche and an additional investment grant of €5 million from the EU’s NIF by the end of 2012.

The Phase II related drainage tunnel extension investment program is expected to generate significant savings of electricity due to reduced water pumping costs, estimated to be cut by 50 per cent.

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The National Assembly of Armenia ratified today an agreement signed earlier with the European Bank for Reconstruction and Development

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Journalists are invited to meet with senior representatives of the EU and EBRD outside “Zoravar Andranik” metro station Tuesday, 13:30, to talk about modernization of Yerevan Metro

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