Armenian Parliament approves loan to build tunnel along Iran border to join initiative
International North South Transportation Corridor (INSTC) that provides India with the shortest route to trade with Russia and Europe.
The Armenian Parliament on Wednesday approved a $200 million loan from the Eurasian Stabilization and Development Fund to build an 8.6 km Kajaran tunnel in Syunik (bordering Iran) as part of efforts to join INSTC, ET has learnt.
Armenia is also in talks to join Iran’s Chabahar Port as it seeks access to India and other Asian nations. The South Caucasian country is also hoping for early linkages between the INSTC and the Chabahar Port for seamless connectivity.
«The INSTC will connect India with Russia and Europe. The India — Europe connection will pass via Iran — Armenia — Georgia — Black sea route. In recent years the Armenian government has taken significant steps to modernize the highways connecting Armenia with Iran, including the start of the construction of Kajaran — Agarak (located on Armenia — Iran border) new highway and the decision to construct a new 8.6 km tunnel near Kajaran,” Benyamin Poghosyan, Senior Research Fellow, APRI Armenia told ET.
Though slow in implementation, INSTC is among India's key connectivity initiatives to Eurasia. Over the last two years the volume of trade between India and Russia has increased using INSTC.
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