YEREVAN, August 9. /ARKA/. European Investment Bank will lend $50 million to Armenia for rehabilitation of roads, Armenian transport ministry’s press office reported on Thursday after Transport Minister Gagik Beglaryan met Heinz Olbers, head of the EIB Eastern and Central Asia Policy Department.
“European Development Bank is ready to provide $50 million for rehabilitation of a 92-kilometer road from Vanadzor to Bagratashen (border with Georgia),” the press release says.
Issues related to the schedule of implementation of technical examination of roads and their rehabilitation were discussed at the meeting as well.
Olbers sustained Beglaryan’s request to speed up implementation of programs connected with Armenia.
The EIB also agreed to provide financial means for construction of North-South highway.
On January 14, 2010, Armenian government approved the investment program of North-South highway construction as well as a $500-million agreement with Asian Development Bank.
The construction is planned to be completed in 2017.
The 556-kilometer highway will serve as a gateway to Black Sea and European countries through Armenia’s territory and Georgia.
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. -0-