Black Sea Trade Bank to Finance Construction of Port Caucasus Ferry Complex

YEREVAN (Combined Sources)–Trilateral negotiations for financing the construction of the Port Caucasus ferry-boat complex was held recently. The Port Caucasus Armenian-Russian joint enterprise was established for the construction of the ferry-boat complex to buy a ferry boat to ship Armenian goods from the Russian port of Novorossiysk to the Georgian port of Poti.

Negotiations were held in Salonika–Greece between the transport ministries of Russia and Armenia and representatives of the Black Sea Trade Bank. According to the Deputy Minister of Transport and Communication Hrant Beglarian–the bank has agreed to finance approximately 60 percent of the project–taking the regional importance of the program into consideration.

The bank has committed to thoroughly study the project and substantiate it within 6 months in order to implement the $19 million needed. As for the financing of the rest of the 40 percent–Beglarian said that the issue is being discussed with the Russian transport ministry. The deputy minister expressed hope that the issue of financing will be solved in a month so that they start realizing the project.

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