YEREVAN, May 3. /ARKA/. Armenia will receive fresh funds from the Eurasian Fund for Stabilization and Development to finance the construction of Tranche 4 section of the North-South Highway.
The agreement to that end was ratified today by fifty-nine members of the Armenian parliament, six MPs voted against and another 24 abstained.
According to Deputy Minister of Territorial Administration and Development Kristine Galechyan, the fresh loan will be used to build the section of the highway stretching from Agarak town in southern Syunik province to the entrance of 32 km long Kajaran tunnel.
Under the agreement, Armenia will receive $86.7 million in additional loan, while the total amount of funds under this project will amount to $236.7 million. The repayment deadline has also been extended to December 2026.
The Eurasian Fund for Stabilization and Development is a regional financial arrangement in the amount of US$ 8.513 billion established by Armenia, Belarus, Kazakhstan, Kyrgyz Republic, Russia, and Tajikistan to provide long-run sustainability and to foster economic integration of EFSD member countries. –0–
