Two Spanish and four Chinese companies have submitted bids for the construction of the first two segments of the north-south transport corridor in Armenia.

The Spanish companies include Constructura Sanjose and Corsan Corviam Construccion who have submitted bids worth $255.6m and $263.8m respectively.

The Chinese companies include Covec CREG, China Civil Engineering, Chine Road and Bridge Corp. which have expressed interest in building the sections of transport corridor.

Earlier in 2010, the Armenian Government approved the construction of the north-south transport corridor and signed a $500m loan with the Asian Development Bank to carry out the project.

About $70m of the loan is planned to be spent on the reconstruction of stretches of the roads between Yerevan and Ararat and Yerevan and Ashtarak, while the second tranche worth $210m will be used to reconstruct a stretch between Ashtarak and Talin.

Work on the project will commence in the second quarter of 2012 and is expected to be completed in 2.5 years.