The Armenian National Assembly ratified Tuesday two international loan agreements between Armenia and Asian Development Bank over crediting the North-South Highway construction.
The total cost of the North-South Highway investment program reaches USD 1 billion, while the implementation period is estimated between 10 and 15 years. The investment program, funded by Asian Development Bank, involves construction of the Agarak-Kapan-Yerevan-Gyumri-Bavra highways and the road infrastructures. The construction of the corridor will improve the road link with Iran and Georgia, providing access to international destinations and markets. USD 120 million worth construction works were initially projected for 2010. The North-South transport corridor will promote economic growth in the country, generating annual USD 15-16 million revenues.
