During the European Bank for Reconstruction and Development (EBRD) forum, it was emphasized that Armenia must become a participant in major regional transport routes. Minister of Finance Vahe Hovhannisyan stated this in an interview with Public Television, summarizing the forum and EBRD meeting held in Yerevan from May 14-16.
According to him, active discussions are currently underway about the "Middle Corridor" - the Trans-Caspian International Transport Route, which is expected to connect China with Europe through Asia and the South Caucasus.
"It is very important that Armenia is part of these regional projects. Of course, we noted the importance of the delimitation of the border with Azerbaijan, which we expect to result in the opening of the border and the deblocking of infrastructures, allowing us to participate in large-scale regional transport projects," the minister noted, according to the “Arka” agency.
He mentioned that a very important tunnel is to be constructed on the 60 km section of Sisian-Kajaran. The project partners are the EBRD, the Asian Development Bank, the European Investment Bank, and the French government.
"For these purposes, a loan agreement was signed with the EBRD for 236 million euros. Agreements with other partners will be concluded shortly to finance other sections of the route. This is also part of the 'Crossroads of the World,' as well as the construction of a customs and logistics center in Syunik, which will service all freight traffic," Hovhannisyan said.
According to Hovhannisyan, the rest of the EBRD funds will be directed to the private sector, specifically financing projects through Armenian commercial banks, implementing agreements with the TUMO center, and SME development programs for people forcibly displaced from Artsakh.
BMG reported that during the forum, EBRD President Odile Renaud-Basso announced the bank's intention to invest up to 500 million euros in programs in Armenia in 2024, implemented in partnership with the state and the private sector.
Previously, Renaud-Basso called the planned investment of 500 million euros a historic figure, noting that over the past five years, the EBRD has already invested 640 million euros in Armenia, of which 50% was directed to the private sector.
The EBRD is the leading institutional investor in Armenia, having invested approximately 2.12 billion euros in 211 projects in the country to date. Ninety-two percent of these investments have been in the private sector.
