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Armenia and the  European Bank for Reconstruction and Development (EBRD) on Wednesday 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 total cost of this project is about 373 million euros.

The new road will be divided into northern, southern, and central sections.

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 within the framework of the EBRD annual meeting, which started in Yerevan Tuesday and will conclude on Thursday.

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