MEED reported that the Asian Development Bank denies reports it will help fund the construction of the proposed USD 2 billion Iran and Armenia railway network, saying it cannot do so as Iran is not a bank member.

Media reports in Armenia at the end of January had said that the Asian Development Bank would be issuing an international tender for the feasibility study into the construction of the railway in April 2010.

However, the ADB has now said that it will not be involved in the project and has raised the issue with the Armenian government to prevent any further confusion.

A source at ADB said that “We have discussed this with the Armenia government and the government assured us that they are not linking ADB activities in Armenia with Armenia-Iran relations. We have raised our concern on this. As a result, at the last government sitting on February 4th 2010, the Prime Minister made a special announcement for government members regarding this.”

(Sourced from MEED)