EDB may consider earmarking $100 mln for Armenia’s North-South road soon
11.06.2013,
14:00
Allocation of $100 million by the European Development Bank for construction of North-South highway in Armenia may be discussed at the end of June, head of EDB Yerevan office Sergey Ignatov said.
YEREVAN, June 11. /ARKA/. Allocation of $100 million by the European Development Bank for construction of North-South highway in Armenia may be discussed at the end of June, head of EDB Yerevan office Sergey Ignatov said.
The issue will be discussed at an Anti-crisis fund meeting scheduled for end of June, he told ARKA.
If the decision is positive, the bank will be waiting for the feasibility study from the country’s ministry of transport. After the study results are discussed with the Anti-crisis fund, the project may be finally approved, Ignatov said.
The EDB’s expert council gave a positive review to the government application on 100 million dollars for technical surveillance, design and construction of one of the sections of the North-South highway.
On January 14 2010 Armenia’s government approved the investment project for construction of North-South road corridor and the framework agreement between Armenia and the Asian Development Bank for 500 million dollars.
The construction of the corridor is expected to be completed in 2017. The road will extend 556 kilometers to the Black Sea and Europe via Armenia (Meghri-Kapan-Goris-Yerevan-Ashtarak-Giumry-Bavra) and Georgia.
Eurasian Development Bank (EDB) is an international financial organization established by Russia and Kazakhstan in 2006 to help develop market economies and boost mutual trade ties in member states. The bank’s authorized stock is over 1.5bln US dollars. The member-states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan.
The bank’s cumulative investment portfolio in Armenia is $109 million today. -0-
