The RA Minister of Finance, Vahe Hovhannisyan met with Eugene Zhukov, Director General of the Central and West Asia Department of the Asian Development Bank, and a number of other ADB senior officials who arrived in Armenia on a consultative visit.
The parties discussed both ADB's current programs in Armenia and the portfolio of projects to be implemented in the near future. During the meeting, the Minister and ADB's Country Director for Armenia, Don Lambert, signed the "Resilient and Inclusive Road Section Improvement Project" loan agreement, the purpose of which is to support the Republic of Armenia in building the northern subsection of the Sisian-Kajaran road, part of the North-South corridor.
Within the framework of the agreement, it is planned to build a 27.1 km long asphalt concrete road resistant to difficult climates and disasters, which will make it possible to reduce the length of the Sisian-Kajaran road section, as a result of which the duration of travel will decrease, and the average speed of vehicles as well as the comfort and safety of travel will increase. The estimated loan funds for financing the project amount to 236.0 million euros.
The construction of this strategically important road will allow for cargo and passenger transportation that meets European standards, as well as provide serious development opportunities for the settlements of that region of Armenia.
