EBRD reports that the European Bank for Reconstruction and Development(EBRD) has joined the European Investment Bank (EIB) and the EU’s Neighborhood Investment Facility (NIF) to help the Yerevan metro rehabilitation and upgrading.
The metro is one of the main means of transport in the capital, with services at peak times every five minutes. In 2011, over 17 million passengers used it. Yerevan, with over a million inhabitants, needs to keep its metro in good working order.
The EBRD is considering a second project to cover priority investments in the Yerevan Metro, with the aim of mitigating water ingress in the metro tunnel. The project builds upon emergency repairs carried out under the Yerevan Metro Project Phase I. The investment is part of measures to improve and reform public transport services in the capital of Armenia. The operation would primarily benefit lower-income groups, who rely on the poorly maintained metro system.
The total project cost is estimated at up to €16.75 million. In addition to the Bank’s loan, the European Investment Bank has approved a loan of €5 million and the EU’s Neighborhood Investment Facility (‘NIF’) is considering a grant of €5 million.
Founded in 1991, the European Bank for Reconstruction and Development (EBRD) uses the tools of investment to help build market economies and democracies in 30 countries from central Europe to central Asia. Its mission is to support the formerly communist countries in the process of establishing their private sectors.
