YEREVAN. – Eurasian Development Bank will consider providing a $150-million loan for Armenia's North South Road Corridor.

The decision will be made as a result of bank's board meeting on May 30, the North-South Road Acting Director Arthur Sargsyan told reporters.

The funds are supposed for construction of the section in Armenia's south, heading from Iranian border to the Kajaran town. The technical and economic bases for the project are ready, he added.

The route of southern section will be changed with a tunnel under mountain pass to the south from Kajaran.

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. Overall construction of highway will total $967 million, whose $500 million will be allocated by the ADB.