Asian Development Bank gives loan to Armenia

Armenia and the Asian Development Bank plan to sign a loan agreement in December 2010 to finance the construction of the South–North motorway connecting the Armenian town of Megri at the Iranian border to the Georgian Black Sea ports of Batumi and Poti, Armenia’s Transport and Communications Minister Manuk Vardanian has said. The motorway is expected to cost around USD 962 million.

Construction companies from different countries like Italy, Brazil and so on have already expressed an interest in participating in this project. Particular interest has been expressed by Iran, which will gain access to the Georgian Black Sea ports through this connection.