ArmInfo.Armenia's Cabinet has approved the ratification of the EUR 60mln financial agreement Yerevan Urban Development Investment Project with the Asian Development Bank (ADB) of November 27, 2023.
As stated in the explanation to the document, the program with a budget of 60,090,000 euros is aimed at developing urban infrastructure through the construction of a new section of the Isakov-Arshakunyats road, which will connect 3 administrative districts of Yerevan and significantly reduce congestion in the city. As a result of the project, it will be possible to reduce the existing road (by approximately 1.8 km), city traffic jams, and create new urban infrastructure (another bridge will be built across the Hrazdan River). Planned works include: construction of the necessary wings of the existing road junction on Isakov Avenue, which will provide access to the Noragyukh area; a reinforced concrete bicycle bridge 269 meters long will be built across the Hrazdan River; An interchange with a tunnel crossing and a roundabout will be built on Arshakunyats Avenue.
It is expected that the implementation of the program under the Agreement will be completed on September 30, 2027.
According to Yerevan Mayor Tigran Avinyan, the project will significantly relieve traffic on the specified section. The project will also increase the "demand" of the Noragyukh district and create new investment opportunities for it. In connection with the latter, the capital's authorities are preparing to present a new concept, Avinyan added.
The proposed Yerevan Urban Development Investment Project aims to enhance the economy, livability, and inclusiveness of Yerevan, the capital city of Armenia, through improved sustainable urban mobility and services (output 1) and strengthened institutional capacity for green and inclusive urban mobility (output 2). It aims to support Yerevan in improving the urban environment, enhancing the road network, and promoting climate-resilient infrastructure. The project will benefit up to 1.2 million people.
The project will relieve traffic congestion and significantly improve socioeconomic connectivity and access to green urban space. The river crossing and road capacity will be increased by one-third and travel distances reduced by more than 2 km, thereby reducing travel time (by 10 minutes) and the risk of traffic accidents, decreasing traffic congestion and emissions, and improving the overall environment of the main city arteries.
The ADB has been working with Armenia since 2005. As of April 2023, ADB's total liabilities amount to $1.7 billion. To date, the Bank has provided Armenia with 59 loans, grants, as well as technical assistance to the public sector in the amount of $1.3 billion, which were aimed at developing the transport, financial, energy, and water sectors , infrastructures, etc.
