The Armenian Parliament has ratified the first loan agreement the European Investment Bank (EIB) has signed with Armenia. The EUR 5m financing is intended for upgrading the metro in Yerevan, thereby helping to improve the urban environment in the Armenian capital. The project is being co-financed by the European Bank for Reconstruction and Development (EBRD) and a grant from the European Commission’s Neighborhood Investment Facility (NIF).

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.