Armenia refused European bank credit over Yerevan Mayor - paper

PanARMENIAN.Net - According to Zhoghovurd daily, Armenian authorities led by Yerevan Mayor Taron Margayan have found themselves in the center of a scandal.“Earlier, a European bank provided a $35 million credit for modernization of Yerevan underground. The sum was to be procured in two installments, with the first one already allocated,” the daily said.

“However, after a while, it was revealed that the sums weren’t being spent as planned, with the bank refusing to provide the second part of the credit,” the paper said, adding that the underground administration refused to comment.