European Investment Bank to provide 5 million euros for reconstruction of Yerevan subway

Armenian Constitutional Court has approved the financial agreement
between Armenia and the European Investment Bank on providing finances
for reconstruction of the Yerevan subway system, News Armenia reports.

The agreement is worth 5 million euro. It was signed on August 10 by
Armenian Finance Minister Tigran Davtyan and the head of the energy
department of the European monetary system and environment of Eastern
Europe, Russia, South Caucasus and Central Asia of the European
Investment Bank, Constantine Sinadino.

The credit is provided to Armenia for 15 years. Four years will have a
beneficial 6% rate, according to the EURIBOR+0.75 standards.

The finances will be spent on emergency restoration of the subway,
carriages will be refurbished, as well as the rails and electric
components. Technical trains and pumping stations will be renewed.

5 million euros of the sum are provided by the European Bank of
Reconstruction and Development, according to an agreement of March 10,
2010. 5 more million euro will be issued by the European Investment
Bank.

The first stage of the program will be completed in late 2012.