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Minister: Armenia seeks to join major transportation projects from China to Europe

18.05.2024, 11:32
In an interview with Armenian Public TV, Finance Minister Vahe Hovhannisyan emphasized the importance of the European Bank for Reconstruction and Development's (EBRD) promise to invest up to 500 million euros in a number of projects in Armenia during 2024.
Minister: Armenia seeks to join major transportation projects from China to Europe

YEREVAN, May 18. /ARKA/. In an interview with Armenian Public TV, Finance Minister Vahe Hovhannisyan emphasized the importance of the European Bank for Reconstruction and Development's (EBRD) promise to invest up to 500 million euros in a number of projects in Armenia during 2024.

The planned volume of investments was announced by EBRD President Odile Renaud-Basso on the sidelines of the EBRD Annual Meeting and Business Forum held in the Armenian capital Yerevan on March 14-16. According to the EBRD statement, the projects will be implemented in partnership with the Armenian government and private sector.

Two of the projects will be implemented in Armenia's southern Syunik province bordering Iran. One is the construction of the Sisian-Kajaran section of the North-South Interstate Highway with an EBRD loan of 236 million euros, and the other is the establishment of a customs and logistics center in the Sisian region with an EBRD loan of 12 million euros and a grant of 2 million euros.

Both of these projectsms are directly linked to the Crossroads of Peace project developed by the Armenian government to rehabilitate roads linking Armenia with Azerbaijan and Turkey.

According to Hovhannisyan, the EBRD meeting emphasized Armenia's role as part of the main regional transportation routes running through the South Caucasus region.

"There is now active talk about the Trans-Caspian International Transport Route, also called the Middle Corridor, which is supposed to connect China with Europe through Central Asia and the South Caucasus, and it is very important that Armenia become a part of these regional projects. Of course, we note the importance of the delimitation of the border with Azerbaijan, as a result of which we expect the opening of the border and unblocking of infrastructures, which will allow us to participate in large-scale regional transportation projects," the Minister noted.

He said the tunnel, which is planned to be built on the 60-kilometer Sisian-Kajaran section with the support of the EBRD, Asian Development Bank, European Investment Bank and the French government, will significantly reduce the length of the road.

"A loan agreement with the EBRD for 236 million euros has been signed for this purpose. Agreements will soon be concluded with other partners to finance the construction of the remaining sections of the highway. This. as the construction of the customs and logistics center in Syunik, which will serve the entire flow of cargo traffic are also  part of the Crossroads of Peace project," Hovhannisyan said.

The remaining funds, according to Hovhannisyan, will be directed to the private sector, namely financing of projects through commercial banks in Armenia. -0-