French VINCI may be involved in North-South Project

ArmInfo. Yesterday Suren Karayan, the Minister of Economic Development and Investments, held a meeting with the representatives of the French company of VINCI.

This is stated by the press office of the Ministry.  According to the source, the VINCI company is one of the world leaders in the construction field and confessional management, with performance more than in 110 countries. Greeting the guests, Minister expressed a hope the company will enter Armenian market.

Eli Iskander, the Business Development officer of the company, presented the main approaches of the company in respect to the participation  in the North-South Corridor project.  Lukas Panos, the Regional Projects Coordinator  of Vinci Concessions, mentioned in his turn, that the North-South Project  has a strategic character and is of a great interest for the company.

An agreement was reached during the meeting to sign a memorandum between Armenian Government and the Company of Vinci, assuming handover of all the necessary   information and determination of all the options to involve the company in the North-South Project.

To remind, the North-South 556km highway will be laid via the Armenian towns of  Meghri-Kapan- Goris-Yerevan- Ashtarak- Gyumri-Bavra and enter the  territory of Georgia on Akhaltsikhe-Batumi section, which will settle some transport problems of Armenia.  This will be a four-lane  motorway of reinforced concrete extending from the Armenian border  and Iran to the Georgian port Batumi. The road corridor will  facilitate improving the road connection with the two neighbors of  Armenia: Iran and Georgia, providing access to international trade  routes and markets.  Armenia raised $500mln loan from the Asian  Development Bank for the project that is estimated at $1 billion.   Eurasian Development Bank is ready to provide $150 million. Armenia  raised $60 million from the European investment Bank.  Due to the  project, the overland communication Europe-Caucasus-Asia will be  improved. The project will be completed by 2019.  It will allow  Armenia to soften the consequences of the blockade by Azerbaijan and Turkey and to join the Black Sea ring highway. Corsan Corvian Spanish  company has won the tenders for construction of the first sections of  the road, Chinese Sinohydro Corporation has won the tender for construction of the Lanjik-Gyumri section in north of Armenia.