Thursday, January 18 2024 12:08

ArmInfo.Armenia's Cabinet has approved the ratification of the EUR 60mln financial agreement  Yerevan Urban Development Investment Project with the Asian Development Bank (ADB) of November 27, 2023. 

As stated in the explanation to the document, the program with a  budget of 60,090,000 euros is aimed at developing urban  infrastructure through the construction of a new section of the  Isakov-Arshakunyats road, which will connect 3 administrative  districts of Yerevan and significantly reduce congestion in the city.  As a result of the project, it will be possible to reduce the  existing road (by approximately 1.8 km), city traffic jams, and  create new urban infrastructure (another bridge will be built across  the Hrazdan River). Planned works include: construction of the  necessary wings of the existing road junction on Isakov Avenue, which  will provide access to the Noragyukh area; a reinforced concrete  bicycle bridge 269 meters long will be built across the Hrazdan  River; An interchange with a tunnel crossing and a roundabout will be  built on Arshakunyats Avenue.

It is expected that the implementation of the program under the  Agreement will be completed on September 30, 2027.

According to Yerevan Mayor Tigran Avinyan, the project will  significantly relieve traffic on the specified section. The project  will also increase the "demand" of the Noragyukh district and create  new investment opportunities for it. In connection with the latter,  the capital's authorities are preparing to present a new concept,  Avinyan added.

The proposed Yerevan Urban Development Investment Project aims to  enhance the economy, livability, and inclusiveness of Yerevan, the  capital city of Armenia, through improved sustainable urban mobility  and services (output 1) and strengthened institutional capacity for  green and inclusive urban mobility (output 2).  It aims to support  Yerevan in improving the urban environment, enhancing the road  network, and promoting climate-resilient infrastructure. The project  will benefit up to 1.2 million people.

The project will relieve traffic congestion and significantly improve  socioeconomic connectivity and access to green urban space. The river  crossing and road capacity will be increased by one-third and travel  distances reduced by more than 2 km, thereby reducing travel time (by  10 minutes) and the risk of traffic accidents, decreasing traffic  congestion and emissions, and improving the overall environment of  the main city arteries.

The ADB has been working with Armenia since 2005. As of April 2023,  ADB's total liabilities amount to $1.7 billion. To date, the Bank has  provided Armenia with 59 loans, grants, as well as technical  assistance to the public sector in the amount of $1.3 billion, which  were aimed at developing the transport, financial, energy, and water  sectors , infrastructures, etc.