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As a result of the adoption of the draft law on Ratifying the Agreement between the Republic of Armenia and the Eurasian Development Bank on the Provision of an Investment Loan for Financing the Construction of the Kajaran Tunnel Project from the Funds of the Eurasian Fund for Stabilization and Development, it is designed to implement the construction of the approximately 7 km long Kajaran tunnel and the reconstruction of the approximately 4 km long section of the M2 road.

The Acting Deputy Minister of RA Territorial Administration and Infrastructure Kristine Ghalechyan informed this at the NA sitting and added that the Kajaran tunnel has been completed, it is being implemented in accordance with international standards. The tunnel will be equipped with modern lighting, ventilation, and fire-fighting systems. Modern solutions have also been provided for the operation of communication and signaling systems, emergency stations, electronic road signs, radio stations, and a control system.

A safety tunnel will be built under the tunnel pavement, which will serve to evacuate people in possible emergency situations. The tunnel will have 14 emergency exits that will connect the security and main tunnels. The Deputy Minister noted that the development of new standards for the maintenance, operation and safety of tunnels was also emphasized, and a modern centralized management and monitoring system for tunnels will be introduced.

As a result of the project implementation, the current route will be shortened by about 14 km, the average speed of vehicles will increase from 50 to 80 km/h, and the travel time on the Kajaran-Agarak road section will be reduced by about 40 minutes. The use of the Meghri mountain pass, located at an altitude of 2.535 meters above sea level, will also decrease: it will be possible to avoid difficulties with the mountain pass passage in winter.

The bank will provide Armenia with a loan of 200 million USD to finance the project. The project will also be co-financed by the Republic of Armenia in the amount of 194 million 259.000 USD from the state budget. The loan is provided at a fixed interest rate of 4 percent per annum, the loan repayment period is up to 20 years, of which the preferential period is up to 5 years.

The Standing Committee on Financial-Credit and Budgetary Affairs endorsed the draft law. Arusyak Manavazyan informed this.