Putin approves memorandum to develop Black Sea encircling highway

PanARMENIAN.Net - Prime Minister Vladimir Putin approved a memorandum of understanding on coordinated development of encircling highway around the Black Sea, with a 7 thousand kilometers length.



The main route of the highway and its connections will pass through cities of Turkey, Georgia, Armenia, Azerbaijan, Russia, Ukraine, Moldova, Romania, Bulgaria, Serbia, Albania and Greece.



State Duma introduced a bill on ratification of the memorandum, which aims to solve the problem of unification of institutional, legal and economic mechanisms for implementing the project as well as control functions.



Participating countries project to provide mutual assistance in design, construction, maintenance and operation of highways, as well as in management of its development.



The construction, maintenance and reconstruction of highways, is supposed to be funded through public and private funds. The money from EU funds and loans from international financial institutions may be used.



The memorandum will be valid within 10 years since its entry into force and be automatically renewed for every 5 years if two-thirds of parties do not suggest its termination. Their objections must be made no less than a year before the expiration of the 10-year period or each extension, RIA News reports.