About 3,000 new jobs to be created for completing North-South transport corridor

YEREVAN, May 15. / ARKA /. About 3,000 new jobs will be created for completing the construction of the North-South transport corridor in Armenia, deputy minister of economy Garegin Melkonyan told a parliamentary discussion on the project today.

According to him, $70 million worth work was done as part of the project in 2014 and another 34 billion drams worth work this year.

"This is an unprecedented construction project for Armenia, which is having a significant impact on the economy by creation of jobs, adding to GDP growth, sales and production of building materials, "Melkonyan said.

He said  the highway  will boost trade in the region and contribute to activation of the internal and external transportations and when it is over Armenia will  become a transit country  stimulating internal and external tourism.

The Armenian government approved January 14, 2010 the investment program to build the North-South transport corridor, as well as a $500 million framework loan agreement with the Asian Development Bank.  The project is being funded also by the Eurasian Development Bank and the European Investment Bank.

The goal of the project is to upgrade Armenia’s main corridor road as part of a broader thrust to improve connectivity, and boost trade, growth and livelihood opportunities in the Caucasus and Central Asia sub-regions.  Funds are being released by the Asian Development Bank periodically through a multitranche financing facility. 

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.  

According to Armenian officials, the cost of building the North-South transport corridor is estimated at $ 1.5 billion.

Currently two sections of the road are being built; one stretches from Artashat to Ashtarak and the second from Ashtarak to Talin. -0-