The First Tranche $60 Mln Of Asian Development Bank For Road Constru

THE FIRST TRANCHE $60 MLN OF ASIAN DEVELOPMENT BANK FOR ROAD CONSTRUCTION TO BE RECEIVED BY ARMENIA IN 2010

ArmInfo
2009-11-04 14:29:00

ArmInfo. Armenia will receive the first tranche $60 mln of Asian
Development Bank for development of potential of North-South transport
corridor in 2010, press-service of Armenian Transport Ministry told
ArmInfo correspondent.

It is scheduled to start construction works in spring 2010. Before
that a tender will be held to choose a contractor.

To recall, on September 29 the Board of Directors of the Asian
Development Bank (ADB) has approved the framework credit agreement with
Armenia worth $500 mln for restoration of the Yerevan-Batumi highway to
develop the opportunities of the North-South transport corridor. The
credit agreement is concluded for 7 years and envisages restoration
of the Agarak-Kapan-Yerevan-Bavra highway. The credit worth $500 mln
will be provided to Armenia in tranches. The ADB Board approved the
first tranche worth $60 mln for restoration of 18 km section of the
Yerevan-Ashtarak road and raising of security of the Yerevan-Ararat
road. The Armenian Government’s co-financing on the first tranche
will be $10 mln. The Government is to seek a total of 462 mln USD to
co-finance this project. The total value of the project is 962 mln
USD. The ADB credit will be provided for 32 years, the grace period
being the first 8 years. The interest rate over the grace period will
be 1% p.a., afterwards will grow to 1.5% p.a.

From: Emil Lazarian | Ararat NewsPress

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS