ArmInfo.The excavation of a 360-meter tunnel and concreting of road infrastructure components has begun on the section of the North-South highway corridor from Agarak to Kajaran (4th stage). This was reported by the Road Department Foundation, adding that the project is being implemented according to schedule.
At the same time, the Foundation was informed that this was reported during the mission of the Eurasian Fund for Stabilization and Development (EFSD) to the Republic of Armenia.
"The Fund has allocated $150 million for the construction of this section of the road. Within the framework of the EFSD project, it is planned to build 32 kilometers of roadway, two tunnels (360 and 520 meters) and 17 bridges, one of which is more than 720 meters long.
The total volume of EFSD participation in the North-South road corridor project in the Republic of Armenia is USD 350 million. The highway passes through 6 regions of the country, including Yerevan. More than 1.5 million people use it annually. The implementation of the project will improve access to markets for Armenian manufacturers and significantly increase the country's transit potential," the Road Department further said in a statement.
The Eurasian Fund for Stabilization and Development (EFSD) is a regional financial mechanism with a volume of over USD 9 billion, which was established in 2009 by the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation and the Republic of Tajikistan. The goals of the EFSD are to promote economic and financial stability in the Fund's member states, as well as to support their sustainable development.
For Tranche 4 (Artashat-Agarak road section), borrowed funds from the EFSD amounted to $150 million, $2,508,893.5 were used (the deadline for using the funds is 30.12.2026). Armenia will attract another 236 million euros ($252.92 million) from the European Bank for Reconstruction and Development (EBRD) (the deadline for using the funds is 15.05.2032).
The agreement was signed on May 15 on the sidelines of the 33rd annual meeting of the EBRD in Yerevan. Co-financing of the Republic of Armenia within the framework of the 4th tranche as of April 30 this year amounted to about $131 million. It should be noted that the North-South Highway is one of the largest projects in the history of independent Armenia. This road will reduce the distance from the Iranian border to the Georgian border from 556 to 490 kilometers. The road will significantly facilitate access to the Black Sea not only for Armenia, but also for Iran.
