YEREVAN, November 23. /ARKA/. The EBRD is financing the construction of a new bridge at Bagratashen, the main border crossing point between Armenia and Georgia. The €10.3 million loan to the Armenian government is the EBRD’s contribution towards the financing of the Northern Corridor Modernisation Project, the bank’s press service reports Friday.

The upgrade of the cross-border infrastructure facilities is a priority for the Armenian government. In addition to the EBRD, the European Investment Bank, European Union, Neighbourhood Investment Facility and United Nations Development Programme, jointly with the government of Armenia, will finance this project, the total cost of which is €62.6 million.

The Northern Corridor Modernisation Project includes the reconstruction of existing infrastructure to meet international standards, as well as the construction of new buildings at the three border control facilities.

The improved border crossing points, equipped for vehicles and pedestrians, will have a more efficient and increased processing capacity, as well as providing a multi-directional road crossing for international cargo and passenger traffic.

Located 200 km from Yerevan, Bagratashen is the main land transport corridor connecting Armenia, through Georgia, with the rest of the world.

“We are delighted to be part of this joint effort. Improvement in the border crossing conditions will create a more efficient economic transport corridor facilitating regional trade and passenger flows.” said Paul-Henri Forestier, EBRD Director for Caucasus, Moldova and Belarus.

“The EBRD is firmly committed to supporting the development of reliable and modern infrastructure in its region.  We look forward to continuing our successful cooperation with the country’s authorities and other international organisations in supporting the further development of Armenia,” added Sue Barrett, EBRD Director for Transport.

Since the beginning of its operations in Armenia, the EBRD has invested approximately €579 million in over 110 projects, of which approximately €90 million has been in the country’s infrastructure sector.

The EBRD, owned by 63 countries and two intergovernmental institutions, is supporting the development of market economies and democracies. —0-