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Thursday, August 17, 2017

EurAsEC Anti-Crisis Fund to finance fourth phase of North-South corridor in Armenia

Armenia will receive a $150 million investment loan from the Eurasian Economic Community's (EurAsEC) Anti-Crisis Fund to finance the construction of the fourth phase of the North-South transport corridor.

The decision comes after a positive conclusion from the Eurasian Development Bank, which manages the Anti-Crisis Fund's resources, on Armenia's application, ARKA reports.

The corridor's construction is also receiving financing from the Asian Development Bank, which has provided Armenia with a $500 million loan.

When completed, the corridor will upgrade Armenia's main corridor road as part of a larger project to improve connectivity and boost trade, growth and livelihood opportunities in the Caucasus and Central Asia sub-regions, according to ARKA.

The finished corridor will reach from the southern Armenian town of Meghri, which borders Iran, to the northern Bavra, on the border of Georgia. It will allow Armenia to mitigate the effects of the Azerbaijan and Turkish blockade.

The Anti-Crisis Fund's goal is to support member states in recovering from shocks from the global financial crisis and ensuring financial sustainability and economic progress. It was established member states Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan on June 9, 2009, ARKA reports.