Second Phase Of Yerevan Metro Upgrading Launched

Second phase of Yerevan metro upgrading launched

YEREVAN, 20. / ARKA /. The Armenian government has launched today the
start of the second phase of a project designed to upgrade the
Yerevan subway. The work will be financed by a 5 million euro loan
provided by the European Investment Bank. The loan is provided with a
maturity period of 15 years, of which four years with a six-month
EURIBOR +0.75% interest rate.

The funds will be used to renovate the rolling stock, restore the
worn-out railway lines and power supply components. The phase II
related drainage tunnel extension component is expected to generate
significant savings of electricity due to reduced water pumping costs,
estimated to be cut by 50 per cent. Part of the money will be used to
buy 7-8 new cars. The loan is part of an investment package worth 15
million euros.

The project is to l enable the Yerevan Metro Company to improve the
quality and efficiency of its services as well as strengthen its
operational performance and passenger safety conditions. Operated by
the state-owned Yerevan Metro Company, the underground transport
system was built in 1981 and currently represents the backbone of
public transport in Yerevan.

The first phase worth 5 million euro was completed in late 2012. The
second phase is scheduled to be completed in 2015 December. -0-
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From: A. Papazian