Brussels, 24/08/2010 (Agence Europe) - The European Investment Bank (EIB) signed its first loan agreement with Armenia on 10 August. The €5m will be for upgrading the metro in Yerevan, thereby helping 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 upgrade of rolling stock, track and power supply system components, a maintenance train and new water pumps. 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). (O.L./transl.rt)