Armenian Parliament Ratifies Loan Agreement With ADB For Constructin

ARMENIAN PARLIAMENT RATIFIES LOAN AGREEMENT WITH ADB FOR CONSTRUCTING NORTH-SOUTH TRANSPORT CORRIDOR

/ARKA/
June 23
YEREVAN

Armenian National Assembly ratified a loan agreement between the
Armenian government and the Asian Development Bank at its extraordinary
session on Thursday.

The agreement was signed on May 30, 2011 to implement the second
component of the program of construction of the North-South transport
corridor.

Economy Minister Tigran Davtyan said that the $170 million, the second
on tranche of the credit, would be lent for 20 years with four-year
grace period at LIBOR+0.3% interest rate.

He said that this money would be spent for rehabilitation of 41
kilometers of Ashtarak-Talin road, a section of North-South corridor.

The minister said that a tender will be announced for choosing
a contractor.

He said that construction would be carried out in accordance with
international standards. The construction will be completed by the
end of this year.

Davtyans aid that construction of the first section of the highway has
been suspended for construction of another, badly dilapidated section.

It was also decided to unite two sections for attracting large
companies to the construction.

The program and the $500-million agreement with the Asian Development
Bank were approved by the Armenian government on January 14, 2010.

From: Baghdasarian

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