Armenia to receive $70 million ADB aid for North South corridor in 2010

PanARMENIAN.Net - According to contract signed, Asian Development Bank will extend up to $500 million to Armenia to upgrade its main 550-km. corridor road, Gagik Grigoryan Head of Foreign Relations Department at RA Ministry of Transport and Communication said at round table discussion on Russia-Armenia transportation issues, within EXPO-RUSSIA 2009 Armenia exhibition frameworks.



In 2010, Armenia will receive $70 million ADB aid to begin construction.



The Ministry official also touched on priority project of Iran -Armenia road construction, noting that negotiations are conducted with ABD for project financing. He also added that a work group was created at deputy ministerial level, with Armenia, Russia and Iran as participants.



Introducing infrastructure's priority projects, Grigoryan especially noted that transportation expenditures comprise the major part of product safe-cost, so the development of this sphere would be of major importance to Armenia.



In their turn, Russian companies briefed discussion participants on their activities, as well as products and services, which could be in demand at Armenian market.