Iran reaching Georgian Black Sea Ports via Armenia

Armenia and the Asian Development Bank have signed an agreement which specifies that in 2010-2017 the bank will allot a loan for constructing motorways connecting Armenia with the Georgian Black sea ports of Poti and Batumi. USD 120 million will be used for this purpose in 2010.

Armenia’s Transport and Communication Minister Gurgen Sarkisian has confirmed that the Asian Development Bank will allot USD 500 million. Iran's Ambassador to Armenia highlighted that Iran is interested in constructing this motorway and Iranian banks will also participate in financing the construction. The initial cost of the project is USD 962 million. The project plan has been prepared by German-Austrian Company ILF following a feasibility study undertaken by the PADECO company.

The distance between Yerevan and Batumi by road is presently around 700 kilometres. After the construction of the new motorway it will be only 450 kilometres.