RA NATIONAL ASSEMBLY RATIFIES TWO AGREEMENTS SIGNED BETWEEN ARMENIA AND ASIAN DEVELOPMENT BANK
Noyan Tapan
Feb 2, 2010
YEREVAN, FEBRUARY 2, NOYAN TAPAN. The RA National Assembly ratified
on February 2 the Framework Financing Agreement (the North-South Road
Corridor Investment Program) signed between the Republic of Armenia
and the Asian Development Bank on 15 September 2009. By the agreement,
the bank will provide 500 million dollars for construction of the
road corridor.
The parliament also ratified the credit agreement (Special Actions
(The North-South Road Corridor Investment Program) signed between the
RA and the ADB on 12 October 2009. The total cost of the agreement
is 38.443 million SDR or 60 million dollars. It was signed based on
the above-mentioned framework agreement.
In the words of the main speaker, RA Minister of Economy Nerses
Yeritsian, the total cost of the North-South Road Corridor Investment
Program makes 1.453 billion dollars. It is planned to construct the
road linking Armenia’s northern border – Bavra with its southern
border – Meghri in 2009-2017. In particular, it is envisaged
taking such measures as construction, repairs and rehabilitation
of roads within Armenia, as well as modernization and improvement
of the country’s borders and customs infrastructure. N. Yeritsian
said that other resources will also be attracted for the program’s
implementation. Repairs of Yerevan-Gyumri road section will be carried
out at the first stage.
The North-South road will join Georgia: the motorway from Bavra to
Batumi. Georgia will rehabilitate road sections within its state
borders. As a result, the capacity of roads is expected to increase.
According to the minister, the North-South motorway joining the highway
linking Europe with Asia is considered one of the shortest roads
linking West and East. It was mentioned that in case of constructing
the Armenia-Iran railway in parallel with the program, the role of
Armenia in the region will grow.