Negotiations on development of Yerevan Subway frozen

The negotiations on development of the Yerevan Subway with the European Bank for Reconstruction and Development (EBRD) and the Asian Development Bank have been frozen.

As it was expected, the European Bank for Reconstruction and Development planned to provide the Yerevan Subway with 15 million euro, of this 5 million as a grant. The Asian Development Bank’s funds were allocated to the new stations’ building at Achapnyak Community and it was planned to build a new exit to Sayat-Nova Street and Abovyan Street from the Eritasardakan Station.

The spokeswoman of the Yerevan subway Ninelle Vardanyan told Aysor’s correspondent that the agreements at best may be signed in 2010 January, or 2010 February. She said the main reason for the suspension is the financial and economical crisis. “This year has nullified all our plans casting to the winds them all. We expect the next year will be more advantageous,” she added.