YEREVAN. – A contractor contact totaling $59,955,938.46 was signed Wednesday at the Ministry of Transport and Communication of Armenia, and between the ministry and Sinohydro Corporation Limited (China).

The Ministry of Transport and Communication informed Armenian News-NEWS.am that the contract is regarding the construction of the 18.7-km road of the Talin-Lanjik portion of the Talin-Gyumri Highway construction being funded by the Asian Development Bank loan, and within the framework of the “North-South Road Corridor Investment Program” of Armenia.

Sinohydro Corporation Limited Vice President Liu Liuxan assured that the work will be completed within the time specified in the contract—i.e. by the beginning of 2018—, and in high quality.

The “North-South Road Corridor Investment Program” is a major infrastructure project which aims at connecting the southern border of Armenia with its northern point by means of the 556 km-long Meghri-Yerevan- Bavra Highway. The construction of this highly important strategic road will ensure easier traffic from the southern border of Armenia to the Georgian border and up to Black Sea ports, and will allow passenger and cargo transportation in accordance with European standards. The highway will also provide serious development opportunities for all communities from the north to the south of Armenia.

Contracts have been signed with the Asian Development Bank (ADB) and European Investment Bank (EIB) for the implementation of the project, and the target completion dates are 2017 and 2019, respectively. The estimated cost of the project is $1.5 billion, and the project is divided into five tranches.