ASIAN DEVELOPMENT BANK TO STUDY PROVISION OF $700 MILLION CREDIT TO ARMENIA IN SEPTEMBER 2009
ArmInfo
2009-08-06 14:04:00
ArmInfo. Asian Development Bank (ADB) Board of Directors is to study
provision of a $700 million credit to Armenia in September 2009, Prime
Minister of Armenia Tigran Sargsyan said at the government on Thursday.
He said that the credit is required for the initial stage of
Yerevan-Batumi highway construction as part of North-South transport
corridor. ADB specialists estimate the investment plan of the project
at 41.5 billion, the premier said. "It will be an up-to-date highway
meeting the best international standards," he said. The Government
of Armenia has approved 18.5 million drams ($50,000) as prepayment
for design work. The prime minister said the prepayment is one of the
conditions set forth by the ADB and will be recompensed in 2009. "By
this decision of the government we announce the start of a large-scale
road construction process," T. Sargsyan said.
Yerevan-Gyumri-Bavra-Akhalkalaki-Akhaltskha -Shuakheri-Batumi
highway links Armenia to Georgia. The Armenian road section
Yerevan-Gyumri-Bavra meets the 3rd category. However the parties
are going to increase the level of the highway at least to the 2nd
category. The new highway will considerably cut the travel time.