YEREVAN. – European Investment Bank will allocate €60 million to Armenia for the construction of North-South Road Corridor. The draft project was approved by the Armenian government on Thursday.

Presenting the draft project, Deputy Finance Minister Pavel Safaryan said the amount will be provided by 12 tranches with five million each. The funds will be allocated for construction of a 27.3-meter section of the road. Another grant of €12 million will be allocated through EU’s Neighbourhood Investment Facility.

North-south road corridor crosses the territory of Armenia from the South to the North including Agarak-Kapan-Yerevan-Gyumri-Bavra highways and road infrastructures and is linked to the Georgian road network leading to Poti and Batumi ports. The project is funded by Asian Development Bank and Armenian government.