Transportation and communications important sectors for investment in South Caucasus - head of EBRD

YEREVAN, May 7. /ARKA/. Transportation and communications are important sectors for investments in the South Caucasus region, EBRD President Odile Renaud-Basso said at a press conference ahead of the bank's annual meeting and business forum in Yerevan.

"Particularly in the context of the Caucasus Corridor and the connection with Central Asia we have made investments in the region, in particular in the border infrastructure between Armenia and Georgia, the construction of the Sisian-Kajaran road section within the framework of the North-South corridor," Renault-Basso said.

Earlier it was reported that the EBRD will finance the construction of the 24-kilometer southern section of the Sisian-Kajaran road of the North-South international transport corridor.

The new Sisian-Kajaran road in Syunik region with a length of 60 kilometers (instead of the current 130 kilometers) is the largest road construction project in the history of Armenia.

Within its framework, 27 bridges and 9 tunnels will be built. The total cost of the project is estimated at about $1 billion.

The European Investment Bank (EIB), the Asian Development Bank (ADB) and the Government of Armenia are expected to finance the construction of other sections of the road. 

ARKA News Agency is the media sponsor of the EBRD Annual Meeting and Business Forum, which will be held on May 14-16 in Yerevan.-0-