Armenian parliament ratifies $100 million loan agreement with ADB

Armenian parliament ratifies $100 million loan agreement with ADB

YEREVAN, June 10. / ARKA /. Armenia’s National Assembly has ratified today a $100 million loan agreement with the Asian Development Bank (ADB) that will be used to finance the construction of Talin-Lanjik road, which is  part of  the North-South transport corridor project.

According to deputy minister of transport and communications Artur Arakelyan, after the agreement is ratified the government will announce a tender to choose a company to build the road that will take two years.

The length of the road is 18.7 km. The loan will be spent on the construction of that road,  also on consulting,  preconstruction work, as well as on a feasibility study of a road section from Artashat to Kajaran stretching for 304 km.

The goal of the whole project worth 700 million euros is to upgrade Armenia’s main corridor road (556 km long) as part of a broader thrust to improve connectivity, and boost trade, growth and livelihood opportunities in the Caucasus and Central Asia sub-regions. 

The transport corridor will stretch from the southern Armenian town of Meghri, on the border with Iran, to Bavra in the north on the border with Georgia.  The North-South transport corridor will also enable Armenia to mitigate the effects of the blockade imposed by Azerbaijan and Turkey. -0- 

17:36 10.06.2014

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