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ARMENIAN GOVERNMENT APPROVES DISBURSEMENT OF SECOND TRANCHE BY ADB
/ ARKA /
April 7, 2011
YEREVAN
YEREVAN, April 7, / ARKA /. The government of Armenia has approved
today a loan agreement with the Asian Development Bank (ADB) that
will disburse a second tranche for the construction of North-South
transport corridor.
Economy minister Tigran Davtian said during a Cabinet session that
the second tranche will be used to construct a 41 km section of the
corridor between Armenian towns of Ashtarak and Talin. The minister
said all issues had been adjusted and the approval of the program
will allow to start other necessary procedures.
In 2009 the Asian Development Bank (ADB) pledged a $500 million loan
to Armenia to upgrade its main corridor road as part of a broader
thrust to improve connectivity, and boost trade, growth and livelihood
opportunities in the Caucasus and Central Asia sub-regions. Funds will
be released periodically through a multitranche financing facility.
The transport corridor will stretch from the southern Armenian town
of Meghri, on the border with Iran, to Bavra in the north on the
border with Georgia. The project is estimated preliminary to cost
$962 million.
On January 14, 2010 the Armenian government approved the investment
program for building the North-South transport corridor and a framework
$500 million loan agreement with the Asian Development Bank.
The government approved also an agreement on disbursement of the
first tranche of the loan in the amount of $60 million.
Since an international tender announced by the government to select
a company for building an 18 kilometer section of the road corridor
between the capital city Yerevan, and Ashtarak to the north, the first
phase of North-South Road Corridor project, did not reveal a winner,
that section will be joined with the section between Ashtarak and
Talin and a new tender will be announced later in spring. Japanese
International Cooperation Agency (JICA) expressed willingness to
provide Armenia with a $50-70 million loan to back the project.
From: A. Papazian
/ ARKA /
April 7, 2011
YEREVAN
YEREVAN, April 7, / ARKA /. The government of Armenia has approved
today a loan agreement with the Asian Development Bank (ADB) that
will disburse a second tranche for the construction of North-South
transport corridor.
Economy minister Tigran Davtian said during a Cabinet session that
the second tranche will be used to construct a 41 km section of the
corridor between Armenian towns of Ashtarak and Talin. The minister
said all issues had been adjusted and the approval of the program
will allow to start other necessary procedures.
In 2009 the Asian Development Bank (ADB) pledged a $500 million loan
to Armenia to upgrade its main corridor road as part of a broader
thrust to improve connectivity, and boost trade, growth and livelihood
opportunities in the Caucasus and Central Asia sub-regions. Funds will
be released periodically through a multitranche financing facility.
The transport corridor will stretch from the southern Armenian town
of Meghri, on the border with Iran, to Bavra in the north on the
border with Georgia. The project is estimated preliminary to cost
$962 million.
On January 14, 2010 the Armenian government approved the investment
program for building the North-South transport corridor and a framework
$500 million loan agreement with the Asian Development Bank.
The government approved also an agreement on disbursement of the
first tranche of the loan in the amount of $60 million.
Since an international tender announced by the government to select
a company for building an 18 kilometer section of the road corridor
between the capital city Yerevan, and Ashtarak to the north, the first
phase of North-South Road Corridor project, did not reveal a winner,
that section will be joined with the section between Ashtarak and
Talin and a new tender will be announced later in spring. Japanese
International Cooperation Agency (JICA) expressed willingness to
provide Armenia with a $50-70 million loan to back the project.
From: A. Papazian