The European Investment Bank signed the first loan agreement with Armenia on 10 August. It is hoped that the loan will thereby help to improve the urban environment in the Armenian capital.

Yerevan’s metro is one of the city’s main transport systems. The EIB will co-finance the rehabilitation of rolling stock, track and power supply system components, a maintenance train and new water pumps. Its support will improve the quality of life for the citizens of Yerevan by encouraging greater use of public transport and reducing car emissions and other environmental problems. Passenger comfort, transport safety and the working conditions of Yerevan metro staff will also benefit from the project. 

The Republic of Armenia is borrowing the funds from the EIB while Yerevan Metropoliten Karen Demirchyan CJSC is the final beneficiary of the loan. The project is being co-financed by the European Bank for Reconstruction and Development (EBRD) and a grant from the European Commission’s Neighbourhood Investment Facility (NIF).