World Bank to provide $40 million loan to road construction projects in Armenia

In a March 23 meeting with Armenia’s Minister of Transport and Communications Manuk Vardanyan, World Bank Country Manager for Armenia Aristomene Varoudakis elaborated on programs financed by the the World Bank.

According to Varoudakis, the Road Improvement Program lauched in Armenia in 2009 will be completed this year.

The preliminary financing of the program is $25 million USD, while additional financing is $36.6 million USD.

The program aims to reconstruct a total of 240 km roadways in different communities in Armenia.

According to Varoudakis, this program is very efficient as the roads from villages will be linked to main adjacent highways.

It also provides additional jobs to the local communities.

Varoudakis also spoke about new programs aimed at reconstructing the roads to be launched in the future.

By the end of 2010, the World Bank is planning to provide a $35-40 million USD loan to complete the construction of about 171 km of roads that were previously planned to be reconstructed by the Millenuim Challanges Armenia Foundation.


/Tert.am/