Iran allocates $60mln for Iran-Armenia highway construction

Iran allocates $60mln for Iran-Armenia highway construction

PanARMENIAN.Net - Iran has allocated $60mln for Iran-Armenia highway construction.

IRNA news agency quoted member of the Iranian parliament Ali Reza Manadi as saying that the road will become a bridge connecting Iran with Armenia, as a result of which the settlements located along it will start developing due to active contacts.

In September 2009, the Armenian government and Asian bank signed an agreement on allocation of $500mln for the construction of 550km-long Iran-Armenia highway.

According to the Asian Bank, the estimated cost of the project makes $1.5bln.

However, only $300,000 have been allocated for the first stage of it.

As part of the program, Armenia’s existing roads from the border with Iran up to the border with Georgia will be rehabilitated and expanded.

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