The Management Council of the North-South transport corridor investment program held a meeting on February 22.

The RA Government’s press service informed NEWS.am that the meeting chaired by RA Prime Minister Tigran Sargsyan discussed a number of issues of the North-South project. The meeting particularly discussed the issue of establishing an agency in charge of the program, organizing the Council’s activities and ensuring transparency.

On January 14, the RA Government approved the North-South transport corridor project designed to establish communication between Armenia’s southern and northern regions and provide access to international markets. The Armenian Government and the Asian Development Bank (ADB) initialed a U.S. $500m framework financing agreement and a U.S. $60m soft credit agreement.

The program will be implemented in 2010-2017. A four-lane highway, Yerevan-Gyumri, is to be constructed at the first stage. The first tranche, U.S. $60m, will be directed the renovation of the Yerevan-Ashtarak highway. The Yerevan–Ararat highway will be modernized as well. At the second stage, the work will be carried out on the Sisian-Kapan section.

T.P.