Armenia Secures €60M Loan to Build Isakov-Arshakunyats Road in Yerevan to Help Reduce Traffic Jams

In a move towards enhancing urban infrastructure, Armenia has approved a loan agreement with the Asian Development Bank (ADB), securing over €60 million (approximately a little over $65.1 million) to fund the construction of the Isakov-Arshakunyats road in Yerevan. The decision was reached during the Cabinet meeting on Thursday, a big step in the Yerevan Urban Development Investment Project.

The loan agreement outlines a comprehensive plan, with the project set for completion by September 30, 2027. The loan repayment date is set for March 31, 2028, allowing flexibility for adjustments as agreed upon between the borrower and the ADB.

The Isakov-Arshakunyats road project is strategically designed to address traffic congestion by connecting various administrative districts of Yerevan. The road, a logical extension of Monte Melkonyan Street, will stretch 1.9 kilometers (1.2 miles) as the main route and expand to 6.6 kilometers (4.1 miles) with slips and secondary roads, featuring a total of 6 lanes.

Deputy Minister of Territorial Administration and Infrastructure of Armenia, Kristine Ghalechyan, provided insights into the project, emphasizing its significance. "Within the framework of the agreement, it is planned to build the Isakov-Arshakunyats road section, which will connect a number of administrative districts of Yerevan, taking on large traffic flows and reducing traffic jams," said Ghalechyan.

The project includes key elements such as the construction of necessary wings for the existing road junction on Isakov Avenue, a reinforced concrete bicycle bridge over the Hrazdan River, and a roundabout road junction with a tunnel on Arshakunyats Avenue.

The anticipated completion date for this transformative project is 2027, with the Yerevan Municipality set to oversee its implementation. Yerevan Mayor Tigran Avinyan highlighted the road's significance, emphasizing its role in alleviating traffic congestion in the designated section. Avinyan noted the project's long-standing discussions and the positive impact it will have on the connectivity of various city districts.

Avinyan further shared insights into a broader initiative linked to the road construction, stating, "It is the project for the construction of a new district of Noragyugh and surrounding areas, regarding which we are already conducting discussions with several famous foreign architects and are carrying out the project preparation work."

Armen Harutyunyan, the director of the Investing Projects Implementation Unit of Yerevan Municipality, assured The Armenian Report that the construction process is expected to last five years and won't disrupt existing roads or lead to additional traffic jams. The road is poised to become a crucial link, connecting administrative districts and facilitating smoother access to the city center.