Yerevan Metro Rehabilitation Project

complete

The EBRD is considering a project to cover emergency investments in the Yerevan Metro, covering immediate rehabilitation needs including safety upgrades. The investment is part of the plan to improve and reform public transport services in the capital of Armenia. The operation would primarily benefit lower-income groups, who rely on the poorly maintained metro system. The proposed project will have the following transition impact: The EBRD loan will be provided to Yerevan Metropolitan Karen Demirchyan CJSC (Yerevan Metro Company), under a sovereign guarantee. The Company is managed by the Yerevan Municipality and by the Board of Directors. The Company’s ultimate shareholder is the Government of the Republic of Armenia, represented by the Yerevan Municipality. The proposal is for a loan of up to EUR 5.0 million from the EBRD. The total project cost is estimated to be up to EUR 16.63 million. On top of the Bank’s loan, the European Investment Bank is also considering a loan of EUR 5 million and the EU’s Neighbourhood Investment Facility has approved a grant in the amount of EUR 5 million. Screened B (2008). Any issues associated with the proposed Project could be identified and mitigated through an environmental and social analysis. An environmental, health and safety audit of existing facilities is required to identify any risks and issues of concern. A Technical Review report, identifying various options for the rehabilitation of the Yerevan metro, has been reviewed by the Bank to date. An independent due diligence will assess environmental and social impacts associated with a chosen rehabilitation option when confirmed. The availability of an adequate risk assessment and emergency plans will be addressed by the due diligence. An Environmental and Social Plan will be developed based on the findings of the ESDD, and agreed prior to Final Review of the Project. Pre-signing: Post-signing: