Armenia to involve 236-million-euro loan for North-South road project’s Sisian-Kajaran section

YEREVAN, OCTOBER 11, ARMENPRESS. Armenia will involve a 236-million-euro loan from the European Bank for Reconstruction and Development for the construction of the Sisian-Kajaran road section of the North-South Road Corridor.

The parliament committee on financial-credit and budgetary affairs approved the bill on ratifying the agreement on Friday. 

The 60km part of the Sisian-Kajaran section will feature 27 bridges and 9 tunnels. 

The construction of the new road will reduce the current travel duration by nearly 2 hours.

“The loan agreement is signed for 236 million euros, however the implementation of the southern section will require 373 million euros. The remaining part of the program, 137 million euro, will be funded by the European Investment Bank under the co-financing principle,” Kristine Ghalechyan, the deputy minister of territorial administration and infrastructures told lawmakers. 

The bill will be debated at the upcoming plenary session.