European Investment Bank to fund 50% of Armenian North-South transport corridor’s 3rd tranche

YEREVAN. – Armenian Transport and Communication Minister Gagik Beglaryan on Tuesday received the Asian Development Bank (ADB) representatives led by Arto Ahonen, the person in charge of the Transportation Projects of the ADB North-South Road Corridor Construction Project.

The parties discussed the current course of the North-South Road Corridor Investment Program, and the implementation of Tranche 1 and Tranche 2 of this program, the Transport and Communication Ministry press service informs.

Beglaryan underscored the need for a quick organization of the technical activities and the paperwork of Tranche 3.

“The European Investment Bank (EIB) approved the co-funding—by 50 percent—of the construction of Tranche 3 of the North-South project. Now, ADB’s cooperation is necessary,” Beglaryan stressed.

In his turn, Ahonen informed that they already reached an agreement with EIB in terms of the sections and estimates of the North-South project.

In addition, the Armenian minister was introduced to Priyanka Seneviratne, the new person in charge of the Transportation Projects of the ADB North-South Road Corridor Construction Project, who will replace Ahonen in this position.

Gagik Beglaryan thanked Arto Ahonen for the productive work, and expressed a hope that these activities will continue during the tenure of the new project manager.