ADB Promotes Road Development in Armenia with $257M Loan
Deal News | Dec 18, 2024 | Asian Development Bank
The Asian Development Bank (ADB) has approved a $257 million loan for the construction of a 27.1-kilometer road in Armenia's Syunik region. This initiative, part of the Resilient and Inclusive Road Sector Improvement Project, aims to enhance regional connectivity, economic growth, and climate resilience. It includes the construction of 16 bridges and three tunnels, and aims to reduce travel time significantly. The project incorporates modern, climate-resilient construction techniques and inclusive amenities. Additional support includes a $250,000 grant focusing on gender and social inclusion, assisting women entrepreneurs, and promoting female participation in infrastructure roles. Implementation is scheduled from 2025 to 2032, with oversight from Armenia's Ministry of Territorial Administration and Infrastructure.
Sectors
- Infrastructure
- Transportation
- Climate Resilience
Geography
- Armenia – The road project is located in Armenia's Syunik region, enhancing local and regional connectivity.
- Asia-Pacific – ADB's involvement aligns with its mission to support sustainable development across Asia and the Pacific.
- Philippines – The Asian Development Bank, headquartered in the Philippines, is the funder of this project.
Industry
- Infrastructure – The project involves the construction of road infrastructure, including bridges and tunnels, in Armenia.
- Transportation – The new road aims to enhance transportation efficiency and connectivity in Armenia's Syunik region.
- Climate Resilience – The project incorporates climate-resilient construction methods to protect against natural disasters.
Financials
- $257 million – The total loan amount extended by ADB for the construction of the road project.
- $250,000 – Technical assistance grant focused on gender and social inclusion initiatives.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Asian Development Bank | Funder | Company | ADB is a regional development bank that provides finance to promote social and economic development in Asia. |
| Road Department Fund | Implementer | Government | This government agency will implement the road project in Armenia. |
| Ministry of Territorial Administration and Infrastructure | Oversight | Government | This Armenian ministry will oversee the road project's implementation. |
| Yevgeniy Zhukov | ADB Director General for Central and West Asia | People | Yevgeniy Zhukov is responsible for ADB's operations in Central and West Asia. |
| Thomas Herz | ADB Senior Transport Specialist | People | Thomas Herz is involved in developing sustainable transport infrastructure at ADB. |