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‘North-South’ Motorway to Cost 962 million USD

October 3, 2009 Armenia No Comments
‘North-South’ Motorway to Cost 962 million USD

Asian Development Bank (ADB) board of directors yesterday approved a loan of 500 million USD to Armenia for the construction of the “North-South” motorway. ADB is calling the project the North-South Road Corridor Investment Program.

The loan contract stipulates that the motorway is to be reconstructed over a period of seven years and is to connect the Armenian towns of Agarak, Kapan, Yerevan, and Bavra. This route will connect to the east-west highway in Georgia which leads to the coastal towns of Batumi and Poti at the Black Sea, and it will provide Armenia with the shortest access to the seaports linked to Europe, Russia, and Turkey.

Co-financing from the Government of Armenia will be 462 million USD; thus, the total cost of the North-South motorway will be 962 million USD.

The project will be implemented in phases, and thus, the ADB loan (a Multi-Tranche Financing Facility, MFF, according to ADB’s terms) will be allocated in tranches to Armenia.

The bank’s board of directors already approved 60 million USD for the first portion (calling it Tranche 1 Project), which will be directed to improving the durability of and repairing the Yerevan-Ashtarak and Yerevan-Ararat routes. Armenia’s contribution to this first portion will be 10 million USD.

The funds have been approved for Armenia for 32 years, with a eight-year grace period. The annual interest for the grace period will be 1%, increasing to 1.5% after the period. As to the funds allocated in future tranches, the terms can be altered.

Meanwhile, Georgia is improving its own roads and consructing new routes, including the route between Akhalkalaki, Akhaltsikhe, Shuakheri and Batumi. The newly constructed road will cut the Yerevan-Batumi 700-km route by 30%.

In Georgia, a new road, around 170 km in total, has to be constructed. This new route will make it possible to go to Batumi from Yerevan in 5 hours, instead of the current 10-12 hours.

According to ADB, the Investment Program will increase regional trade and accelerate economic development in Armenia.

Source: Tert – Original Article

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