PUTIN APPROVES MEMORANDUM TO DEVELOP BLACK SEA ENCIRCLING HIGHWAY

/PanARMENIAN.Net/
18.08.2009 16:33 GMT+04:00

/PanARMENIAN.Net/ Prime Minister Vladimir Putin approved a memorandum
of understanding on coordinated development of encircling highway
around the Black Sea, with a 7 thousand kilometers length.

The main route of the highway and its connections will pass through
cities of Turkey, Georgia, Armenia, Azerbaijan, Russia, Ukraine,
Moldova, Romania, Bulgaria, Serbia, Albania and Greece.

State Duma introduced a bill on ratification of the memorandum,
which aims to solve the problem of unification of institutional,
legal and economic mechanisms for implementing the project as well
as control functions.

Participating countries project to provide mutual assistance in design,
construction, maintenance and operation of highways, as well as in
management of its development.

The construction, maintenance and reconstruction of highways, is
supposed to be funded through public and private funds. The money
from EU funds and loans from international financial institutions
may be used.

The memorandum will be valid within 10 years since its entry into
force and be automatically renewed for every 5 years if two-thirds
of parties do not suggest its termination. Their objections must be
made no less than a year before the expiration of the 10-year period
or each extension, RIA News reports.