ArmInfo.The Committee on Financial Credit and Budgetary Affairs gave a positive conclusion on the ratification of the draft financial agreement between the Republic of Armenia and the European Investment Bank on the provision of a loan of up to 236 million euros. The planned funds will be directed to the financing of the construction of a new 60 km long road between Sisian and Kajaran in the Syunik region of the Republic of Armenia.
According to the Deputy Minister of Territorial Administration and Infrastructure of the Republic of Armenia Kristine Ghalechyan, the document will provide Armenia with up to 236 million euros. The planned funds will be directed to the financing of the construction of a new 60 km long road between Sisian and Kajaran in the Syunik region of the Republic of Armenia. According to the Deputy Minister, the project will be implemented in three sub-sections: the northern sub- section (Northern Road Section from Sisian to Shenatagh) with a length of 27.1 km, the Bargushat Tunnel with a length of 8.6 km and the southern sub-section with a length of 24.25 km.
"The funds provided for in the Agreement will finance the construction of the northern and southern sub- sections of the project," the rapporteur emphasized.
Within the framework of the project, a road with 3 traffic lanes, 27 bridges with a length of 4.7 km, and 8 tunnels with a total length of about 4 km will be built in the northern and southern sections, alone. The project is scheduled to be completed by December 2033. At the same time, Ghalechyan recalled that the project is also co-financed by the European Bank for Reconstruction and Development. A loan agreement for 236 million euros has already been ratified, and the southern section is co-financed by the Asian Development Bank, although an agreement with them has not yet been submitted for ratification. According to her, there is no funding yet only for the construction of the Bargushat tunnel, but negotiations are currently underway to address this issue.
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