European Investment Bank to allocate 5mln euros for Yerevan metro modernization

European Investment Bank to allocate 5mln euros for Yerevan metro modernization
February 10, 2011 - 13:52 AMT

PanARMENIAN.Net - On February 10, the RA National Assembly ratified the agreement with the European Investment Bank on the first stage of Yerevan metro rehabilitation.

Armenian Deputy Minister of Finance Vardan Aramyan said that, as per the agreement signed on August 10, 2010, 5mln euros will be allocated for implementation of the program on Yerevan metro rehabilitation.

According to him, works on increasing operational safety of the metro will be implemented as part of the program first stage, which is envisaged to be completed by the end of 2012.

Aramyan added that the funds to be allocated by the European Investment Bank are a part of the program first stage financing, while another 10mln euros will be allocated by EBRD and EU Neighborhood Investment Facility - 5mln each.

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