(MENAFN) Dubai-based investment firm Rasia has signed a memorandum of understanding with South Caucasus Railway, and the Ministry of Transport and Communication of the Republic of Armenia for USD3 billion new rail and road projects in the Republic of Armenia, Arabian Business reported.
According to the Minister of Transport and Communication Gagik Beglaryan, the consortium will undergo Southern Armenia Railway and Southern Armenia High Speed Road Projects.
Under the agreement, Rasia has been given specific deadlines for completing feasibility studies, engineering designs, project financing and construction and are followed by a 30-year operating period, renewable by Rasia for an additional 20 years.
The Southern Armenia Railway project will include a 316km long electrified single track railway that links between Gavar, to the southern border of Armenia, with Meghri and will be integrated with the existing central railway system of the Republic of Armenia.
It will be operated by South Caucasus Railway and the operating railway system of Iran, the minister said in a statement.
The Southern Armenia High Speed Road, is to be constructed in Armenia's southern province of Syunik, and will be a 110km long expressway connecting the town of Sisian to the southern border of Armenia by Meghri.