ArmInfo. Babken Sedrakyan, CEO, Yerevan Metro, held a meeting with delegations of the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) to discuss the expansion of the subway drainage tunnel within the framework of the 2nd stage of the subway rehabilitation project, the press service of the subway said.
Sedrakyan noted that the drainage tunnel enlargement will allow to completely dry out the underpass tunnels, get rid of increased humidity level due to underground waters, considerably increase the service life of fixtures, cables, other metal elements, devices and equipment, and consequently, save significant funds every year.
The sides exchanged views on the current stage of programme implementation and on the report on the 2nd half of 2022.
Mr Sedrakyan highly appreciated the Yerevan Metro's cooperation with the EU, EIB and EBRD and highlighted the importance of further cooperation.
Earlier it was reported that the second stage of rehabilitation and modernization of the Yerevan subway worth 15 million euros is implemented due to the financing of the EIB, EBRD and European Neighborhood Policy.
The first stage was also financed by EBRD, EIB and EU in the amount of EUR 15 million in 2010 and was aimed at improving the stability, energy efficiency and safety of the subway.
The Yerevan Metro launched in 1981 runs on a 13.4 kilometer line and currently serves 10 active stations
Intent on regaining its passenger share and restoring a safe and reliable service, Yerevan Metro approached the EBRD and European Investment Bank (EIB) to finance the renovation of the system. An EBRD loan of ?5 million is being matched by the EIB. In addition, the European Union's Neighbourhood Investment Facility has advanced an investment grant of ?5 million. The total funding will finance refurbishment of the rolling stock, rehabilitation of worn-out track and power supply components, purchase of a maintenance trolley and replacement of water pumping stations.
This financing comes at a critical time when liquidity from local commercial banks has dried up as a result of the financial crisis. However, Yerevan Metro is not just receiving new finance. Through a separate project funded by the EBRD Shareholder Special Fund, it is looking into ways of improving its operational performance. A second phase of renovation will follow the first investment, restoring the metro's fortunes.
