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Armenian Government Approves Disbursement Of Second Tranche By Adb

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  • Armenian Government Approves Disbursement Of Second Tranche By Adb

    ARMENIAN GOVERNMENT APPROVES DISBURSEMENT OF SECOND TRANCHE BY ADB

    / ARKA /
    April 7, 2011
    YEREVAN

    YEREVAN, April 7, / ARKA /. The government of Armenia has approved
    today a loan agreement with the Asian Development Bank (ADB) that
    will disburse a second tranche for the construction of North-South
    transport corridor.

    Economy minister Tigran Davtian said during a Cabinet session that
    the second tranche will be used to construct a 41 km section of the
    corridor between Armenian towns of Ashtarak and Talin. The minister
    said all issues had been adjusted and the approval of the program
    will allow to start other necessary procedures.

    In 2009 the Asian Development Bank (ADB) pledged a $500 million loan
    to Armenia to upgrade its main corridor road as part of a broader
    thrust to improve connectivity, and boost trade, growth and livelihood
    opportunities in the Caucasus and Central Asia sub-regions. Funds will
    be released periodically through a multitranche financing facility.

    The transport corridor will stretch from the southern Armenian town
    of Meghri, on the border with Iran, to Bavra in the north on the
    border with Georgia. The project is estimated preliminary to cost
    $962 million.

    On January 14, 2010 the Armenian government approved the investment
    program for building the North-South transport corridor and a framework
    $500 million loan agreement with the Asian Development Bank.

    The government approved also an agreement on disbursement of the
    first tranche of the loan in the amount of $60 million.

    Since an international tender announced by the government to select
    a company for building an 18 kilometer section of the road corridor
    between the capital city Yerevan, and Ashtarak to the north, the first
    phase of North-South Road Corridor project, did not reveal a winner,
    that section will be joined with the section between Ashtarak and
    Talin and a new tender will be announced later in spring. Japanese
    International Cooperation Agency (JICA) expressed willingness to
    provide Armenia with a $50-70 million loan to back the project.




    From: A. Papazian
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