YEREVAN, June 12. / ARKA /. The Armenian government has decided today to release 958 million drams from its reserve fund to pay as compensations to owners of land plots that were alienated for the construction of the North-South transport corridor.
The government has also awarded Hormigonez and Morteros Serrano SL a prolonged deferment of VAT payment until 2016 June. Deputy Minister of Economy Garegin Melkonian explained that the company plans to import equipment used for the construction of the transport corridor.
The deferment is awarded to companies which import more than 300 million drams worth modern equipment or technology to expand their output and modernize production facilities.
North-South transport corridor worth 700 million euros is designed 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-