Armenian Parliament ratifies North-South highway agreement

Under the agreements, the ADB is to issue a U.S. $500m loan to Armenia for constructing the highway by the end of 2017.

This amount is only part of the funds necessary for constructing the North-South highway – a total of U.S. $1.5bn required for the program.

Armenian Minister of Economy Nerses Yeritsyan said that the Armenian Government is negotiating the allocation of the rest funds with the World Bank, EBRD and Japan Development Agency.

The ruling coalition members and ARF faction voted for the agreement, but the Heritage faction while ex-speaker Tigran Torosyan voted against it.

Torosyan pointed out that the Government has not presented any calculations as to how they are going to return the funds.

/News.am/