North-South Corridor (Sisian-Kajaran) Road Project (EBRD-51293)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Armenia
Geographic location where the impacts of the investment may be experienced.
Specific Location
Sisian, Kajaran, Syunik, Yerevan, Darbas, Tatev, Zangezur, Bargushat, Gyumri, Ararat, Meghri, others
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 1, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Government of Armenia
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Industry and Trade
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 244.13 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 225
Converted using 2024-02-26 exchange rate.
Loan Amount (USD)
$ 244.13 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 225
Converted using 2024-02-26 exchange rate.
Project Cost (USD)
$ 358.06 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 330
Converted using 2024-02-26 exchange rate.
Bank Documents
Government Documents
Primary Source

Original disclosure @ EBRD website

Updated in EWS Feb 28, 2024

Disclosed by Bank Feb 26, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the EBRD, the project consist of the provision of a sovereign loan of up to EUR 225 million to co-finance the construction of the 24-km Southern section of the Sisian - Kajaran road, part of the international North-South Road Corridor.

The Sisian - Kajaran road also consists of the Bargushat tunnel and the Northern road section, expected to be financed by the European Investment Bank, the Asian Development Bank, and the Government of Armenia.

The Project is critical for Armenia's national and regional connectivity, and is expected to substantially reduce the travel distance (from 130 km to 60 km) and the travel time (from the current 3-4 hours down to one hour) and provide a faster and safer connection between Armenia's remote southern region of Syunik with Yerevan, the rest of the country and, subsequently, the EU via Georgia and the Black Sea.

The implementing agency is the Road Department Fund on behalf of the Ministry of Territorial Administration and Infrastructure.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Implementing Agency - Road Department Fund:

Email: FUNDinfo@armroad.am
Phone: +37410511391
Website: https://armroad.am/en
Address: Government House 3, Republic Square, Yerevan 0010

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html

How it works

How it works