ARMENIA TO RECEIVE $70 MILLION ADB AID FOR NORTH SOUTH CORRIDOR IN 2010

PanARMENIAN.Net
30.10.2009 17:28 GMT+04:00

/PanARMENIAN.Net/ According to contract signed, Asian Development Bank
will extend up to $500 million to Armenia to upgrade its main 550-km.

corridor road, Gagik Grigoryan Head of Foreign Relations Department
at RA Ministry of Transport and Communication said at round table
discussion on Russia-Armenia transportation issues, within EXPO-RUSSIA
2009 Armenia exhibition frameworks.

In 2010, Armenia will receive $70 million ADB aid to begin
construction.

The Ministry official also touched on priority project of Iran
-Armenia road construction, noting that negotiations are conducted
with ABD for project financing. He also added that a work group was
created at deputy ministerial level, with Armenia, Russia and Iran
as participants.

Introducing infrastructure’s priority projects, Grigoryan especially
noted that transportation expenditures comprise the major part of
product safe-cost, so the development of this sphere would be of
major importance to Armenia.

In their turn, Russian companies briefed discussion participants on
their activities, as well as products and services, which could be
in demand at Armenian market.