At its meeting today, November 9, the government approved the “Yerevan Urban Development Investment Program” loan agreement between Armenia and the Asian Development Bank.
In the justification of the decision, it is mentioned that between Armenia and the Asian Development Bank, it is planned to sign the “Yerevan Urban Development Investment Program” loan agreement worth around 60 million euros.
The goal of the project is to develop urban infrastructure by building the new Isakov-Arshakunyats road section, which will connect the 3 administrative districts of Yerevan and significantly reduce urban congestion.
As a result of the implementation of the project, it will be possible to reduce the existing road (by about 1.8 km), urban traffic jams, create new urban infrastructures (another bridge will be built over the Hrazdan River).
The project of this loan agreement creates additional financial obligations for the state budget of Armenia.