YEREVAN.- Armenia’s Ministry of Transport and Communications announced launch of “Southern Armenia Railway” and “High Speed Road ” projects. The project estimated at $3 billion will be implemented by a Rasia FZE company registered in the United Arab Emirates.  

“China and Russia will cooperate with Armenia to develop strategically important railway which is a key part that North-South Transport Corridor lacks,” the statement said.

The agreement will be in effect for 30 after the construction is completed. Trilateral memorandum of understanding was signed by Transport Ministry, Rasia FZE and South Caucasus Railways CJCS during a ceremony on Friday.