Armenia to get $100M from Eurasian Development Bank for North-South Highway

Armenia will get $100 million from a Eurasian Economic Community anti-crisis fund, a Eurasian Development Bank official said Wednesday.

The 556-km corridor, designed to improve transport links between Europe, the Caucasus and Asia, in particular between Eastern Europe and western Asia, is to be completed by 2017.

In January 2010, the Armenian government approved an investment program for the North-South transport corridor, and a framework finance agreement between Armenia and the Asian Development Bank worth a total of $500 million.

Wednesday’s decision came after discussions between the Eurasian Development Bank’s Deputy President Sergei Shatalov and Armenia’s Transport and Communications Minister Gagik Beglaryan, the ministry’s press service told RIA Novosti.

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