Dubai-based investment company, Rasia, has been awarded the concession for two key railway and high speed road projects in Armenia, according to a statement. The Southern Armenia Railway and Southern Armenia High Speed Road Project, totally valued at $3 billion, are a strategic infrastructure investment for Armenia.
During a presentation, signing ceremony and public announcement a tripartite memorandum of understanding on regional cooperation towards the development of the projects was signed between Rasia FZE, South Caucasus Railway and the Ministry of Transport and Communication of Armenia.
The Southern Armenia Railway is anticipated to be a 316-km long electrified single track railway, which will connect Gavar, near Lake Sevan, to the southern border of Armenia by Meghri and will be integrated with the existing central railway system of Armenia, operated by South Caucasus Railway and the operating railway system of Iran.
The Southern Armenia High Speed Road, to be constructed in Armenia's southern province of Syunik, is anticipated to be a 110-km long expressway connecting the town of Sisian to the southern border of Armenia by Meghri.
Both projects will form a part of the International North-South Transport Corridor, which will play a pivotal role in improving regional connectivity and driving economic growth along the corridor, and will create the shortest transportation route from the ports of the Black Sea to the ports of the Arabian Gulf, the statement said.
When the projects are completed, transport costs are expected to improve substantially, fostering greater regional trade and economic growth while dramatically strengthening the Armenian economy.
Via : Trade Arabia
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