YEREVAN. – The Government of Armenia will allocate areas for the new section of the country’s North-South Road Corridor.

The respective decision was made at Thursday’s Cabinet meeting.

Accordingly, the 18.7km-long Talin-Lanjik section will link the central and northern provinces of Armenia. The respective construction will be funded by three tranches of this financial plan.

And a European Investment Bank funding is envisioned for construction of the 24.7km-long another segment of this new section.

The North-South Road Corridor will cut down the time in driving between the Iranian and Georgian borders via Armenia, and reduce the respective current 556km distance to 500km. The total construction cost is approximately $960 million, and the main donor of this road construction project is the Asian Development Bank.