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ARMENIA TO GET $150 LOAN FROM EDB TO BUILD NORTH-SOUTH TRANSPORT CORRIDOR
YEREVAN, April 22. / ARKA /. The Armenian government on Wednesday
has approved the agreement with the Eurasian Development Bank (EDB)
that has promised a $150 million loan for financing the construction
of a section of the North-South transport corridor.
Transport and communication minister Gagik Beglaryan told a Cabinet
session today the agreement will ensure the continuity of the project.
The $150 million loan will be used to finance the construction of a
20.5 km section of the North-South transport corridor from the town
of Agarak to Kajaran in the southern Armenian province of Syunik.
The goal of the North-South project is to upgrade Armenia's main
556 km long 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.
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 North-South transport corridor will enable Armenia to mitigate the
effects of the blockade imposed by Azerbaijan and Turkey. According
to Armenian officials, the cost of building the North-South transport
corridor is estimated at $ 1.5 billion.
The Armenian government earlier signed a $500 million framework loan
agreement with the Asian Development Bank to finance the project.
According to EDB, the implementation of this project will cut by
50% transport costs on the rehabilitated road section, increase the
average speed of traffic by 40%, cut also operating costs for the
maintenance of the highway in good condition, create about 1,750
new jobs, boost transit traffic through the territory of Armenia
from India, Iran and Pakistan and help to partially overcome the
consequences of the transport blockade of Armenia.
There will be indirect effects as well, such as increased access of
farmers from remote areas to the consumer markets, retail and warehouse
infrastructure in the central part of the country. It will make also
basic health and educational centers more accessible to population
of remote regions.-0-
http://arka.am/en/news/economy/armenia_to_get_150_loan_from_edb_to_build_north_so uth_transport_corridor/#sthash.HRiT97zd.dpuf
YEREVAN, April 22. / ARKA /. The Armenian government on Wednesday
has approved the agreement with the Eurasian Development Bank (EDB)
that has promised a $150 million loan for financing the construction
of a section of the North-South transport corridor.
Transport and communication minister Gagik Beglaryan told a Cabinet
session today the agreement will ensure the continuity of the project.
The $150 million loan will be used to finance the construction of a
20.5 km section of the North-South transport corridor from the town
of Agarak to Kajaran in the southern Armenian province of Syunik.
The goal of the North-South project is to upgrade Armenia's main
556 km long 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.
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 North-South transport corridor will enable Armenia to mitigate the
effects of the blockade imposed by Azerbaijan and Turkey. According
to Armenian officials, the cost of building the North-South transport
corridor is estimated at $ 1.5 billion.
The Armenian government earlier signed a $500 million framework loan
agreement with the Asian Development Bank to finance the project.
According to EDB, the implementation of this project will cut by
50% transport costs on the rehabilitated road section, increase the
average speed of traffic by 40%, cut also operating costs for the
maintenance of the highway in good condition, create about 1,750
new jobs, boost transit traffic through the territory of Armenia
from India, Iran and Pakistan and help to partially overcome the
consequences of the transport blockade of Armenia.
There will be indirect effects as well, such as increased access of
farmers from remote areas to the consumer markets, retail and warehouse
infrastructure in the central part of the country. It will make also
basic health and educational centers more accessible to population
of remote regions.-0-
http://arka.am/en/news/economy/armenia_to_get_150_loan_from_edb_to_build_north_so uth_transport_corridor/#sthash.HRiT97zd.dpuf