The European Investment Bank (EIB) is lending EUR 60 million to finance the upgrading of the North-South Road Corridor.
Mr Wilhelm Molterer, EIB Vice-President, commented: “EIB funds will finance the upgrading of a key transport corridor in Armenia. This project will promote economic and social development in Armenia and improve regional integration, with significant benefits for the whole region”.
The project is part of an ambitious programme aimed at improving the 556-kilometre North-South Road Corridor running from the border with Georgia at Bavra to the border with Iran at Meghri via the cities of Bavra, Gyumri, Ashtarak, Yerevan, Goris, Kapan and Meghri.
The project is being co-financed by the Asian Development Bank and the EU Neighbourhood Investment Facility (NIF).
This is the sixth EIB operation in Armenia, bringing EIB lending commitments in the country to EUR 112 million. Earlier, the Bank financed projects involving the renovation of the Yerevan metro, improving border crossing infrastructure, rehabilitating the water sector and supporting the financing of smaller projects promoted by the SME sector.