Loan agreement between Eurasian Development Bank and Armenia for North-South motorway construction takes force

13.10.2015 18:16
Loan agreement between Eurasian Development Bank and Armenia for North-South motorway construction takes force

YEREVAN, October 13. /ARKA/. An agreement, under which the Eurasian Fund for Stabilization and Development extends an investment loan to Armenia for building a section of North-South motorway, came into force last week, the press office of the Eurasian Development Bank reported on Tuesday.

“Armenia's transport ministry will very soon embark on the paperwork necessary for conducting a tender for choosing a builder and an adviser on supervision over the execution of the project,” the bank says in its press release.

According to the press release, the construction is planned to be launched in 2016.
The North-South (Iran-Armenia) motor road will give Armenia another gateway to the world and an alternative way to transport energy resources and other commodities.

The North-South transport corridor connects the Central Asian, Iran and India with Georgia, Russia and Europe. Crossing Armenia's territory, the road adjoins the Georgian road to Poti and Batumi (Black Sea ports) and then to Russia and CIS and EU countries.

The financing for the project from financial resources of the Eurasian Fund for Stabilization and Development was approved by the Fund's board in July 2014.

Eurasian Development Bank was established by Russia and Kazakhstan in January 2006 to foster development of market economies of participant countries.

The bank’s member countries are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan.
The Eurasian Fund for Stabilization and Development was instituted on June 9, 2009 with $8.513 billion by the governments of these six countries. ----0---


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