EDB to invest $150 million in major upgrade of Upper Lars border crossing

YEREVAN, June 8. /ARKA/. The Eurasian Development Bank (EDB) will invest approximately $150 million in a $200 million project to upgrade the Upper Lars checkpoint on the Russian-Georgian border.

A memorandum to that end was signed today between EDB and KAVKAZ.RF company on the sidelines of the Eurasian Congress -23 in the southern Russian city of Sochi.

The Upper Lars border crossing and the adjoining transport and logistics infrastructure are important elements of the North-South Road Corridor, which is part of the Eurasian transport framework.

For Armenia, this route is currently the only overland road that provides trade and economic links with Russia and other members of the Eurasian Economic Union (EEU). The road is used also for transportation of passengers and cargo between Belarus, Georgia, Russia, and Turkey.

The implementation of the project will improve the conditions of border crossing for drivers engaged in international road transport, as well as for passengers.

The project envisages creation of a secure parking lot for 350 cars, a hotel, a modular office building to accommodate customs and service organizations, a maintenance area for cars, gas stations, an area for charging electric cars, a tourist information center, stores, cafes, etc.

Also, a multifunctional wholesale distribution center will be built for storage of food products with a constantly maintained temperature regime, including freezers. -0-