Wednesday, October 26 2016 17:50
Naira Badalian

CEO of "North-South Road Corridor Investment Program": There have been no abuses and misappropriations

CEO of "North-South Road Corridor Investment Program": There have  been no abuses and misappropriations

ArmInfo. Chief Executive Officer  of the "North-South Road Corridor Investment Program" SNCO Artur  Sargsyan assured that there have been no abuses and misappropriations  in construction activities of North-South transport corridor.

Arthur Sargsyan told journalists good news that quite recently, on  September 14, an official letter was received from the EU Commission,  according to which the North-South highway is considered a key road  of European Union TNT express. Sargsyan clarified that this means  that the EU is interested in the road opening by 2030, which in turn  means increase of the North-South project's investment ranking. Thus,  all the expenses made till today are justified and perspective,  according to the CEO. Touching upon the statement made by the new  Minister of Transport, Communications and IT on assessing the  efficiently of the program, Sargsyan stated that it is untimely to  apply to the Minister with such questions after a month from his  appointment. "He needs time to realize the situation", the expert  noted. 

According to Sargsyan, all the activities are being held according to  schedule. As for the information disseminated by mass media that a  criminal case has been initiated against contractor company, Sargsyan  stated that he does not know anything about a criminal case. "If you  mean the statement of tax bodies, it is still being discussed, as  Corsan Corviam Construccion does not admit accusations and has filed  reciprocal claim", he stated noting that the problem is in  disregarding deadlines of paying taxes, which is relevant for any LLC  in Armenia. At the same time Sargsyan stressed that this process no  way affected the construction activities.

On October 20 the Minister of Transport, Communication and  Information Technologies Vahan Martirosyan told journalists that the  ministry is assessing the efficiency of construction of the  North-South highway in the territory of Armenia. The Minister noted  that at the current stage the efficiency of both the highway  construction and the North- South project in general is being  assessed. He did not rule out possible replacement of the developer  company and revision of the construction period. "There will be no  abuse during my term in the minister's office, believe me," he said.  Martirosyan pointed out that there is no final conclusion about the  future of the project yet. "I think it is unreasonable to change  anything without conducting the relevant surveys. We are assessing  the efficiency of the project to understand how to continue the  implementation of the project or whether to continue it at all," he  said.

To recall, in July 2016, when commenting on the "delay of  construction of the Ashtarak-Talin section of the North- South  project," the then Prime Minister of Armenia Hovik Abrahamyan said  that the Spanish construction company had become a real evil for the  North-South road corridor. He also stressed that there were problems  also with the Ararat section of the road, whose quality did not meet  the standards. "There are certain problems with this company,  according to the rumors, the funds were misappropriated, please check  into the matter", Abrahamyan instructed.  Meanwhile, information was  spread in mass media that because of Armenian "traditional  corruption" the Spanish company does not manage to conduct  construction activities and has decided to leave Armenia. According  to the rumors criminal case was initiated against the Spanish  company, the Finance Ministry of Armenia confirmed the information.   Preliminary investigation is underway. 

To note, 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.

POST A COMMENT
Input digits     


News
PSRC starts process of revising electricity tariffsPSRC starts process of revising electricity tariffs
Poverty rate in Armenia in 2021 increased by 0.1% compared to 2019Poverty rate in Armenia in 2021 increased by 0.1% compared to 2019
Armenia`s government to support IT sector Armenia`s government to support IT sector 
Ardshinbank holds a campaign 10000 AMD for every 300th client making a money transferArdshinbank holds a campaign 10000 AMD for every 300th client making a money transfer
Armenia`s share in UNECE programmes 22%Armenia`s share in UNECE programmes 22%
EU to issue 33mln EUR grant to Armenia EU to issue 33mln EUR grant to Armenia 
Nikol Pashinyan: Introduction of  universal income declaration system  will have significant anti-corruption effectNikol Pashinyan: Introduction of  universal income declaration system  will have significant anti-corruption effect
On December 1, Ameriabank to start initial placement of next tranche  of USD bonds in amount of $10 millionOn December 1, Ameriabank to start initial placement of next tranche  of USD bonds in amount of $10 million
Models of cooperation between public and private sectors are being  developed in ArmeniaModels of cooperation between public and private sectors are being  developed in Armenia
Joint Initative of HSBC Bank in Armenia and Jinishian Memorial Foundation (JMF) promotes innovative and sustainable agriculture among the small holder farmers.Joint Initative of HSBC Bank in Armenia and Jinishian Memorial Foundation (JMF) promotes innovative and sustainable agriculture among the small holder farmers.
Civil Contract nominates Armen Nurbekyan for post of CBA Deputy  Chairman Civil Contract nominates Armen Nurbekyan for post of CBA Deputy  Chairman 
Economy Ministry to provide Economy Ministry to provide "oxygen" for IT companies working with  international market 
Party: Draft state budget of Artsakh for 2023 does not reflect  internal and external realities Party: Draft state budget of Artsakh for 2023 does not reflect  internal and external realities
Mher Grigoryan noted key importance of programs implemented jointly  with EBRD Mher Grigoryan noted key importance of programs implemented jointly  with EBRD 
Vahan Kerobyan: Our goal is to bring the volume of investments to 25%  of GDPVahan Kerobyan: Our goal is to bring the volume of investments to 25%  of GDP
Ameria PhonePOS.  New application for receiving non-cash payments with a smartphoneAmeria PhonePOS.  New application for receiving non-cash payments with a smartphone
EDB developed concept for establishing platform on which  multicurrency digital transactions may be carried out - Tigran  SargsyanEDB developed concept for establishing platform on which  multicurrency digital transactions may be carried out - Tigran  Sargsyan
EDB announces 2nd contest of digital technologiesEDB announces 2nd contest of digital technologies
Economy Ministry to support IT companies affected by dram  appreciationEconomy Ministry to support IT companies affected by dram  appreciation
Expert: There are a lot of random people in the tourism sector of  Armenia todayExpert: There are a lot of random people in the tourism sector of  Armenia today
Incomplete fulfillment of capital expenditures indicates a lack of  professionalism - EconomistIncomplete fulfillment of capital expenditures indicates a lack of  professionalism - Economist
EDB forecasts 4.2% GDP growth in Armenia in 2023 and gradual  devaluation of AMDEDB forecasts 4.2% GDP growth in Armenia in 2023 and gradual  devaluation of AMD
Sporadic construction of solar power plants could undermine Armenia`s  food security - expertSporadic construction of solar power plants could undermine Armenia`s  food security - expert
ADB to help Armenia develop wind energyADB to help Armenia develop wind energy
US considers granting Armenia market economy statusUS considers granting Armenia market economy status
Another dollar tranche of bonds from IDBankAnother dollar tranche of bonds from IDBank
Tourists arriving in Armenia faced difficulties due to cashless  payment requirements - MPTourists arriving in Armenia faced difficulties due to cashless  payment requirements - MP
Armenia`s tax authorities on peculiarities of taxation when renting  apartmentArmenia`s tax authorities on peculiarities of taxation when renting  apartment
AraratBank acts as an underwriter of National Mortgage Company RCO bonds   AraratBank acts as an underwriter of National Mortgage Company RCO bonds  
Converse Bank customer wins Visa campaignConverse Bank customer wins Visa campaign
Armenia`s economy recovered quickly after `September shock` - Vahan  KerobyanArmenia`s economy recovered quickly after `September shock` - Vahan  Kerobyan
AraratBank launches Google Pay for its card usersAraratBank launches Google Pay for its card users
Goods imported to Armenia to be liable to excise taxGoods imported to Armenia to be liable to excise tax
Armenia`s national debt in terms of figures not essential - Armenia`s  premier Armenia`s national debt in terms of figures not essential - Armenia`s  premier 
French Development Agency to open permanent office in YerevanFrench Development Agency to open permanent office in Yerevan
Proposed reform to introduce system of mandatory universal income  declaration system for all resident citizens in Armenia cannot ensure  achievement of the declared goals: Tigran JrbashyanProposed reform to introduce system of mandatory universal income  declaration system for all resident citizens in Armenia cannot ensure  achievement of the declared goals: Tigran Jrbashyan
IDBank  “MalatiaIDBank  “Malatia" branch now more comfortable and modern
Largest mining company in Armenia presents its first ESG reportLargest mining company in Armenia presents its first ESG report
It is already possible to make payments with IDBank cards via Apple PayIt is already possible to make payments with IDBank cards via Apple Pay
 Converse Bank announces the launch of the  new coupon bonds placement Converse Bank announces the launch of the  new coupon bonds placement
Vine and Wine Foundation of Armenia: Volumes of wine production in  Armenia almost doubled over 5 yearsVine and Wine Foundation of Armenia: Volumes of wine production in  Armenia almost doubled over 5 years
Armenia`s minister of territorial administration hosts  Ukrainian-Armenian businessmenArmenia`s minister of territorial administration hosts  Ukrainian-Armenian businessmen
Iranian Minister of Energy announces launch of project for  synchronization of electricity between   Iran, Azerbaijan, Armenia and RussiaIranian Minister of Energy announces launch of project for  synchronization of electricity between  Iran, Azerbaijan, Armenia and Russia
Armenia`s economy most likely to not reach its historical high by the  end of 2022: Haykaz FanyanArmenia`s economy most likely to not reach its historical high by the  end of 2022: Haykaz Fanyan
Yerevan, Tehran continue to expand economic relationsYerevan, Tehran continue to expand economic relations
Success of the family business based in Tavush: from a home to a guest house and a small winerySuccess of the family business based in Tavush: from a home to a guest house and a small winery
Armenia becomes popular destination for BelarusiansArmenia becomes popular destination for Belarusians
Satlantis CEO: Armenia did not buy an expensive Mercedes, but rather   established a plant that will produce itSatlantis CEO: Armenia did not buy an expensive Mercedes, but rather   established a plant that will produce it
Robert Khachatryan: Satellite Control Center in Armenia to be ready  by the end of the yearRobert Khachatryan: Satellite Control Center in Armenia to be ready  by the end of the year
Armenia starts construction of its first satelliteArmenia starts construction of its first satellite
Participation of GeoProMining in state subvention projects in Armenia reaches 1 billion 700 million drams ($ 4.2 million )Participation of GeoProMining in state subvention projects in Armenia reaches 1 billion 700 million drams ($ 4.2 million )
Significant progress has been made on the issue of launching the  ferry crossing Poti - Port Kavkaz - Deputy MinisterSignificant progress has been made on the issue of launching the  ferry crossing Poti - Port Kavkaz - Deputy Minister
Armenia sings two loan agreements with AFD, ADBArmenia sings two loan agreements with AFD, ADB
Multifunctional cultural production cluster to open in DilijanMultifunctional cultural production cluster to open in Dilijan
Vice-President of Interstate Bank: After the developments at the  beginning of 2022, the turnover in the national currencies in the  correspondent banks of the Interstate Bank has increased  significantlyVice-President of Interstate Bank: After the developments at the  beginning of 2022, the turnover in the national currencies in the  correspondent banks of the Interstate Bank has increased  significantly
On November 22, Converse Bank to sell AMD, USD bonds worth AMD 3  billion, USD 10 million On November 22, Converse Bank to sell AMD, USD bonds worth AMD 3  billion, USD 10 million 
Armenia`s economy is unhealthy: Economist offers ways to solve  existing problemsArmenia`s economy is unhealthy: Economist offers ways to solve  existing problems
Google pay and Google wallet available in ArmeniaGoogle pay and Google wallet available in Armenia
Europrotocol is losing its popularity in Armenia due drop in  confidence in insurers; Market is getting adventurousEuroprotocol is losing its popularity in Armenia due drop in  confidence in insurers; Market is getting adventurous
If the potential for electricity export to Iran is activated, it will  affect domestic tariffs - Mher GrigoryanIf the potential for electricity export to Iran is activated, it will  affect domestic tariffs - Mher Grigoryan
Read more


Exchange rates
01.12.2022
RUB6.46-0.03
USD395.350.48
EUR411.923.03
GBP480.036.42
CAD294.382.83
JPY28.970.53
CNY55.510.49
CHF418.402.79