EBRD grants Armenia €236 million loan for road construction

Armenia and the European Bank for Reconstruction and Development (EBRD) has signed an agreement to provide Armenia with a loan of 236 million euros for the construction of the Kajaran-Sisian road section of the North-South international transport corridor project.

The new road will be divided into northern, southern, and central sections, Caliber.Az reports citing Armenian media.

The aforesaid loan will be spent on the construction of the southern section.

This road will shorten the Kajaran-Sisian distance from 118 to 60 kilometers, and the average speed will increase from 50 to 100 kilometers per hour.

The construction of this road is planned to be completed by 2030.

The respective loan agreement was signed on the margins of the EBRD annual meeting, which started in Yerevan on May 14 and will conclude on May 16.