Dmitry Pankin, the President of the Eurasian Development Bank’s Management Board was in Armenia for high-level meetings with the government. Armenia’s Prime Minister received Pankin and their agenda covered issues related to deepening and broadening bilateral cooperation, including the possibility of implementing infrastructure development and improvement programs.
In a statement issued by Armenia’s government, a 150 million USD loan from the Eurasian Development Bank was received to continue construction for the North-South Road Corridor.
The government statement, however did not clarify the currency, time frames and interest rate of the 150 million USD loan.
The Agreement on the Provision of an Investment Loan from the Funds of the Eurasian Economic Associations’ Anti-Crisis Fund to fund the project (Tranche 4) for construction of the North-South corridor was signed by Gagik Beglaryan, Armenia’s Minister of Transport and Dmitry Pankin.
Until now, the North-South road construction has been carried out by funding from the Asian Development Bank.
The Eurasian Development Bank is an international financial organization established to promote economic growth in its member states, extend trade and economic ties between them and to support integration in Eurasia.
The Bank was conceived by the Presidents of the Russian Federation and the Republic of Kazakhstan and established in 2006, following the signing of an international agreement by the Presidents of those two countries on January 12 of that year.
