European Investment Bank ready to finance railway in Armenia

During a meeting with Armenia’s Transport Minister Manuk Vardanian representatives of the European Investment Bank expressed their readiness to start negotiations on allotting Euro 120 million for the construction of the Ashtarak-Gumri railway line. This line could become part of the north-south corridor which will establish a direct link between Armenia’s border with Iran and the Georgian Black Sea ports of Poti and Batumi.

The first tranches of the existing loan allotted by the Asian Development Bank will be spent on rehabilitating the Yerevan-Ararat and Yerevan-Ashtarak segments. The next ones will be spent on the Ashtarak-Gumri and Goris-Kapanis segments. The overall cost of the project should be around USD 962 million.

German-Austrian company ILF has prepared the construction plan and PADECO has elaborated the feasibility study.