18.02.2013 16:32
YEREVAN, September 15. / ARKA /. The European Investment Bank (EIB) is set to provide Armenia with a $90 million loan to finance the construction of the North-South highway, Ara Hovsepian, head of a government non-commercial organization set up to handle the project, told ARKA.
In 2010 January the Armenian government signed a $500-million financial agreement with Asian Development Bank to fund the construction of the highway. Hovsepian said the release of the EIB loan will be considered at its meeting in early March.
According to him, the loan will be used to finance the construction of a 45-kilometer road from Talin to Gyumri. The first tranche of the ADB in the amount of $70.4 million is being used to reconstruct parts of Yerevan-Ararat (38 km) and Yerevan-Ashtarak (12 km) roads. The second tranche in the amount of $179.6 million will be used to reconstruct a section of the highway from Ashtarak to Talin. The work will be completed in June 2017. The project was launched in September 2012.
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