YEREVAN, July 3. / ARKA /. The Eurasian Economic Community’s (EurAsEC) Anti-Crisis Fund has decided to provide Armenia with an investment loan in the amount of $150 million to finance the construction of the fourth phase of the North-South transport corridor, the Eurasian Development Bank (EDB) said today in a press release.
According to it, the decision follows a positive conclusion of the Eurasian Development Bank, which manages the Anti-Crisis Fund’s resources, on Armenia's application.
At the same time, the Anti-Crisis Fund’s Council approved an EDB proposal that the World Bank procurement policy be used for the 4th phase of the project and that the procurements be monitored by World Bank experts.
The construction of the corridor is being financed also by the Asian Development Bank that has provided Armenia with a $500 million loan.
The goal of the project 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 enable Armenia to mitigate the effects of the blockade imposed by Azerbaijan and Turkey.
Eurasian Development Bank (EDB) is an international financial organization established by Russia and Kazakhstan in 2006 to help develop market economies and boost mutual trade ties in member states. The bank’s authorized stock is over 1.5bln US dollars. The member-states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan.
Anti-crisis Fund was established by the same states on 9 June 2009. Its goal is to support the member states in their efforts to recover from the global financial crisis shocks and ensure their financial sustainability and economic progress. EDB is authorized to manage the Fund’s means. -0-