EBRD to Fund Armenian Subway

14 March 2010 (Last Updated March 14th, 2010 18:30)

Reconstruction of the Yerevan underground railway in Armenia will be assisted by a loan of €15m ($20m) by the European Bank for Reconstruction and Development (EBRD). Funding for the state-owned subway will be provided by the EU, the EBRD and the European Investment Bank (EIB), acc

Reconstruction of the Yerevan underground railway in Armenia will be assisted by a loan of €15m ($20m) by the European Bank for Reconstruction and Development (EBRD).

Funding for the state-owned subway will be provided by the EU, the EBRD and the European Investment Bank (EIB), according to arka.am.

The loan is repayable in 15 years with a three-year grace period and 1% interest rate.

Passenger safety and upgrading of rail cars, escalators and underground cables will be the main focus of the work.

The Yerevan metro has one line consisting of ten stations, and is planning to have four new stations by 2020.