News - An upcoming metro station in Yerevan is valued at $287 million.

YEREVAN, Armenia - The ambitious development of the new Achapnyak metro station in Yerevan is projected to cost approximately 107.3 billion drams, translating to about $287.4 million. Anetta Babayan, the advisor to the mayor of Yerevan, disclosed this financial update during a municipal meeting. This new station will mark the 11th addition to the Yerevan Metro network. The project has garnered a promising economic profitability rate of 15.3% and has secured a positive endorsement from Armenia's Ministry of Finance. Moving forward, the program is set to be extensively evaluated by the Investment Committee, with the date for this session to be announced imminently. Anetta Babayan also highlighted that technical specifications for the procurement processes have been pre-emptively devised, and necessary government regulations around procurement features are underway. Mayor Tigran Avinyan has underlined the project's critical significance for the city, mandating regular reports on its progress. The mayor reiterated, 'This is the most significant project for the municipality, with weekly detailed updates required on the construction progress.' In its inception, the metro project's cost was roughly estimated at $50 million in spring 2022, with initial plans to commence construction in 2024. However, these timelines shifted first to the end of 2025 and subsequently to 2026. Preparatory project work has involved the Armenian government's allocation of 750 million drams, supplemented by the Yerevan municipality's contribution of 554 million drams. The Russian firm Metrogiprotrans, selected through an official tender, developed the station's project documentation, which underscores the collaboration's international scope. Budget allocations have seen adjustments over the years: from a planned 9.6 billion drams in Yerevan's 2025 budget, reduced to 1.4 billion drams, with parts directed to purchasing 45 new 12-meter long trolleybuses. An additional 2 billion drams are earmarked in the city's 2026 fiscal plan. As Yerevan prepares for this significant infrastructural enhancement, city officials remain committed to sharing progress updates and navigating the intricacies of metro development, emphasizing its priority for urban growth and improved transit connectivity.