The Armenian government has signed a loan agreement for the third time with the Asian Development Bank (ADB) to fund the “Loan Program for the Modernization of Armenia-Vrastan Interstate Highway (M6 Vanadzor-Baghramyan)”. The loan agreement, which was originally signed on November 9, 2016, aims to rehabilitate a section of the M6 Vanadzor-Alaverdi-Vrastan interstate road. As part of the program, contracts for construction works and consultancy services have been signed. However, the loan term has been extended until August 31, 2024, in order to allow for quality assurance and the completion of preliminary works.

Additionally, funds from the “Unallocated Funds” component will be allocated towards the detailed investigation, modernization, and digitalization works of the Dilijan-Pushkin highway. This will also cover the necessary preliminary works for renovation within the extended loan period.

The loan agreement, initially set to mature on December 31, 2023, did not provide enough time for the proper completion of construction works and other necessary tasks. Therefore, the decision to extend the loan closure until August 31, 2024, was made.