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Sargsyan Hosts EDB Chairman: Bank OK's US$150 Million North-South Road Credit

Armenian President Serzh Sargsyan today hosted Eurasian Development Bank Board Chairman Dmitry Pankin.

The two discussed preliminary results of EDB’s five years of work in Armenia and key areas for its future operations in the country.

Pankin is heading an EDB delegation to Armenia at the invitation of Armenia’s Prime Minister Hovik Abrahamyan.

Yesterday, EDB and the Armenian government signed an agreement on the provision of an investment credit from the ACF to finance the construction of the North-South road corridor (Phase 4). The credit totals US $150 million and will be provided for twenty years.

Chairman Pankin said that he appreciated EDB and Armenia’s cooperation in preparing this first large joint infrastructure project. “Financing investment projects in the area of infrastructure is a priority for EDB and the EurAsEC ACF,” said Dmitry Pankin.

EDB’s current investment portfolio in Armenia amounts to US $51.5 million and accumulated investment portfolio US $127.5 million. The ACF has two projects in Armenia: the construction of the North-South road corridor (Phase 4) and the upgrade and enhancement of irrigation systems.

Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth and the expansion of mutual trade and other economic ties in its member states. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.

 

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