YEREVAN, December 3. / ARKA /. The National Assembly of Armenia ratified on Monday an agreement with the European Investment Bank whereby the latter will provide the Armenian government with a 30.316 million euro loan to finance the construction and modernization of three border crossings on the Armenian side of the border with Georgia and the related infrastructure.

The loan of EUR 30.3 million will support the development of the border crossings points in Bagratashen, Bavra and Gogavan and the improvement of the access roads in their vicinity and associated infrastructure, including a new bridge at Bagratashen and the reconstruction of the 7.4 km main road leading to the Gogavan crossing.

This will help to implement the Armenian government’s key priority of fostering the development of reliable transit routes of vital importance for the whole region. Once in operation, the project will contribute to the smoother flow of people, vehicles and goods between Armenia and Georgia.

The total cost of the program is 62.6 million euros. In addition to EIB, some 10.24 million euros will be released by the European Bank for Reconstruction and Development , the EU Neighbourhood Investment Facility (NIF) will provide a 12 million euro grant, and the European institutions and the UNDP  will provide a grant of more than 4 million euros.

“Border points will be repaired and technically modernized in conformity with WTO standards to enhance border security, facilitate border crossing for people, goods and transport through Armenian-Georgian border,” Finance Minister Vache Gabrielyan said earlier.

“UNDP will be responsible for implementing the major part of the program. The principal beneficiary is Armenia’s State Revenue Committee,” according to him.  -0-