OREANDA-NEWS. May 25, 2010. The Eurasian Economic Community is considering Armenia's application for a loan to build a North-South railroad which would link the country with Iran.

“From the economic viewpoint it’s not a simple project. Armenia has nonetheless applied for a loan that exceeds USD 1 billion from our general fund, created within the framework of the Eurasian Economic Community (EAEC). That application is currently under consideration,” Russian Prime Minister Vladimir Putin reported.

Armenian Prime Minister Tigran Sargsyan has confirmed that Armenia has turned to EAEC’s anti-crisis fund and submitted a project of North-South railroad construction.

“Railway construction is a major project and the government is ready to provide guarantees of its implementation,” said Sargsyan in his speech at the 26th session of EAEC’s International Board last week in Saint Petersburg.
According to him the project is of great social and economic importance and is also politically significant.

“Considering the fact that railroads in Armenia are under concessional control of the Russian Railways, we think that this project can be interesting within EAEC’s framework. We have submitted that project to our colleagues for discussion,” added Sargsyan.