THE ARMENIAN PARLIAMENT RATIFIES NORTH-SOUTH HIGHWAY AGREEMENT
News.am
18:16 / 02/02/2010
On February 2, the RA Parliament ratified the loan agreements on the
North-South highway concluded with the Asian Development Bank (ADB).
Under the agreements, the ADB is to issue a U.S. $500m loan to Armenia
for constructing the highway before the end of 2017.
This amount is only part of the funds necessary for constructing the
North-South highway – a total of U.S. $1.5bn required for the program.
RA Minister of Economy Nerses Yeritsyan said that the Armenian
Government is negotiating the allocation of the rest funds with the
World Bank, EBRD and Japan Development Agency.
The ruling coalition members and ARF faction voted for the agreement,
but the Heritage faction and the ex-speaker Tigran Torosyan voted
against it. Torosyan pointed out that the Government has not presented
any calculations – how they are going to return the funds.