Armenian government, Asian Development Bank sign $100-million agreement for investment in North-South road construction

|

USD

392.54

EUR

425.47

RUB

4.6351

GEL

141.59

Economy

12.03.2014, 10:30

Armenian Finance Minister David Sargsyan and Asian Development Bank Resident Representative in Armenia David Dole signed an agreement on the third, $100-million tranche for investment in construction of North-South transport corridor, the finance ministry’s press office reported on Tuesday.

Armenian government, Asian Development Bank sign $100-million agreement for investment in North-South road construction

YEREVAN, March 12. /ARKA/. Armenian Finance Minister David Sargsyan and Asian Development Bank Resident Representative in Armenia David Dole signed an agreement on the third, $100-million tranche for investment in construction of North-South transport corridor, the finance ministry’s press office reported on Tuesday.

This transport corridor will ensure connection among Armenia’s provinces and will serve as way to other countries.

The third tranche is intended for three purposes – recovery of the 18.7-kilometer two-way road section connecting Talin and Lanjik cities and its expansion and transformation into a four-lane road; development and implementation of a long-term road sub-sectorial program and the administrative system running transport assets; preparation of feasibility studies on a 304-kilometer road section between Artashat and Kajaran and support for implementation of the program and preparation for the next tranche of the North-South investment program, including feasibility studies and a detailed engineering project .

Earlier, Eurasian Development Bank said feasibility studies to North-South Highway – Phase 4 will be ready in late April 2014.

The 556-kilometer North-South Road Corridor links Central Asia and India with Iran, Georgia, Russian Federation and Europe. The corridor passes across Armenia from South to North (Meghri-Kapan-Goris-Yerevan-Ashtarak-Gumri-Bavra), links up with the Georgian road leading to seaports Poti and Batumi (Black Sea) and on toward Russia, CIS and EU. -0----

EDB predicts completion of refinancing rate reduction cycle in Armenia

The Eurasian Development Bank (EDB) expects that the cycle of reducing the refinancing rate in Armenia has concluded, following the stabilization of inflation within the target range set by the Central Bank of Armenia (3±1%).

24.03.2025 10:48

Armenia's withdrawal from EEU at the stage of negotiations on joining the EU will cost 30-40% of its GDP – Shoigu

Armenia will lose many privileges if it joins the European Union, as it will have to withdraw from the Eurasian Economic Union (EEU), Secretary of the Russian Security Council Sergei Shoigu told reporters.

20.03.2025 19:54

Armenia and Russia discuss expansion of trade and economic cooperation

Armenian Minister of Economy Gevorg Papoyan, who is on a working visit to Moscow, discussed with Russian Minister of Economic Development Maxim Reshetnikov a set of issues related to the expansion of trade and economic cooperation between the countries.

20.03.2025 17:01

Armenia's economy may show growth of around 6% in 2025 - Central Bank Board member

Surveys conducted by the Central Bank of Armenia among participants in the real sector indicate that economic growth is expected to stabilize at around 5% in the long term, with expectations for the current year slightly below 6%, said Levon Sahakyan, a member of the Central Bank Board.

20.03.2025 14:44

Armenian parliamentary committee approves double taxation agreement with Hong Kong

The Parliamentary Committee on Economic Affairs gave a positive conclusion regarding the ratification of the agreement on the elimination of double taxation of income between Armenia and Hong Kong during a meeting on Wednesday.

19.03.2025 13:00

Armenia is ready to deepen trade and economic relations with EU in all areas – Minister

Armenia is ready to continue and deepen its trade and economic relations with the EU in all possible areas, said Economy Minister Gevorg Papoyan on March 18 during a meeting with Meglena Kuneva, a lecturer at the Diplomatic Academy of the European External Action Service, former chief negotiator and EU commissioner, and former Deputy Prime Minister of Bulgaria.

19.03.2025 09:49

Cadastre Committee to create passports for about 10,000 geographical names of Armenia

The Armenian Cadastre Committee will create 'passports' for about 10,000 geographical names and update the data in 2025, the head of the Committee Suren Tovmasyan said.

18.03.2025 18:14

"A busy year awaits us": Martin Galstyan on the impact of China's economy and trade wars on Armenia

The head of the Armenian Central Bank Martin Galstyan responded to a question whether the Stimulus Package, adopted by China and, in particular, the rise in copper prices, will affect Armenia's economy.

18.03.2025 17:56