This project is still under review by the EWS. Project information and/or project analysis may be incomplete.
Yerevan Metro Rehabilitation project Phase II (EBRD-41356)

Countries
  • Armenia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jul 24, 2012
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Investment Amount (USD)
Not Disclosed
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ EBRD website

Disclosed by Bank Feb 15, 2012


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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.
TRANSLATED VERSION OF THIS PSD:ARMENIAN Armenian PROJECT DESCRIPTION The EBRD is considering a second project to cover priority investments in the Yerevan Metro, with the aim of mitigating water ingress in the metro tunnel. The project builds upon emergency repairs carried out under the Yerevan Metro Project Phase I. The investment is part of measures 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. TRANSITION IMPACT Transition Impact of the project would be: THE CLIENT Government of the Republic of Armenia, with on-lending to Yerevan Metropolitan Karen Demirchyan CJSC (Yerevan Metro Company). 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. EBRD FINANCE The proposal is for a loan of up to EUR5.0 million to the Republic of Armenia, on-lent to Yerevan Metropolitan Karen Demirchyan CJSC. PROJECT COST The total project cost is estimated at up to EUR16.75 million. In addition to the Bank's loan, the European Investment Bank has approved a loan of EUR5 million and the EU's Neighbourhood Investment Facility ('NIF') is considering a grant of EUR5 million. ENVIRONMENTAL IMPACT Categorised B (2008). Any environmental and social issues associated with the proposed track improvements and remediation of the metro tunnel's water ingress problem are site-specific and can be readily identified and mitigated. The environmental and social due diligence of Phase II of the Project focuses on assessing the environmental and social issues that might be associated with the specific technical solution to the tunnel flooding issues, once such option is finalised and approved upon completion of the geological survey. Currently a detailed technical investigation of the tunnels and drainage channels is underway; a number of boreholes were drilled to establish the geomorphology and survey soil stability; a number of piezometers installed to establish the underground water table and pressure; a number of inspections and surveys conducted to establish damage to the metro facilities, including the degree of corrosion, integrity of grouting, etc. The information obtained during the surveys should, inter alia, allow to estimate the corrosion rate, which will be one of the fundamental parameters for assessing the remaining service life of the tunnels. Possible measures of extending the service life as well as a monitoring concept will have to be elaborated further. Environmental, health and safety impacts of the Project will be evaluated along with identifying the most optimal technical solution to the water ingress problem, and relevant mitigation measures will be embedded therein. TECHNICAL COOPERATION Pre-signingFeasibility Study for Yerevan Metro Rehabilitation Phase II including:
Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.
ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.

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