Financing of Project “Construction of the North-South Road Transport Corridor in Armenia” can start this year
Moscow, 7 March 2014. The feasibility study for the Project “Construction of the North-South Road Transport Corridor” (Phase 4) will be completed at end-April 2014. That was announced by Armenia’s representatives during the meeting held the day before at Eurasian Development Bank (EDB). The project in the amount of US $100 million is being prepared by EDB in its capacity of the Resources Manager of the EurAsEC Anti-Crisis Fund (ACF) and in cooperation with Asian Development Bank (ADB).
Thus, if the Project is definitely approved by the ACF Council,—tentatively in June 2014——its financing can start already in 2014.
It should be noted that in June 2013, the EurAsEC Anti-Crisis Fund (ACF) Council approved the Concept Note for the investment project and EDB’s Evaluation Report on the Preliminary Application for financing to be provided by the ACF. These decisions adopted by the ACF enabled the launch of the project feasibility study preparation.
The scope of the discussion also covered certain issues related to the technical features and length of road segments, the construction or rehabilitation of which is to be financed using the ACF resources.
The range of the discussion participants also included representatives of the Project Implementation Unit, the State Commission of the Project Implementation and the Technical Consultant, Alexei Cherekaev — Head of the Project Group, ACF Department, EDB, and Head of EDB Representative Office in Yerevan Sergei Ignatov.
Based on the results of the meeting, the parties agreed on a joint mission, including experts of EDB, ADB, and the Ministry of Transport of Armenia, to work in March-April this year.
Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. EDB’s charter capital exceeds US $1.5 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.
Read more about EDB at http://www.eabr.org.
The EurAsEC Anti-Crisis Fund (ACF) amounting to US $8.513 billion was formed on 9 June 2009 by the governments of the same six countries. The objectives of the ACF are to assist the member countries in overcoming the consequences of global financial crisis, ensure their economic and financial stability, and foster integration processes in the region. The ACF member countries signed the Fund Management Agreement with Eurasian Development Bank giving it the role of the ACF Resources Manager.
Read more at http://efsd.eabr.org.
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