Armenia and the European Bank for Reconstruction and Development (EBRD) recently inked a loan agreement on May 15th. This loan, totaling 236 million euros, will be used for the construction and improvement of the Yerevan-Gyumri highway, an integral part of the North-South corridor.

The overall expense for this ambitious project will reach approximately 373 million euros. The Yerevan-Gyumri highway will consist of three sections: northern, southern, and central.

In this particular loan agreement, the funds will be allocated for the construction of the southern section of the highway. Once completed, this highway will significantly reduce the distance between Gyumri and Yerevan by 118 kilometers. Additionally, travel time will be reduced from 60 to 50 minutes. The project is projected to be finalized by 2030.

The signing ceremony for this significant financial deal commenced on May 14th in Yerevan and concluded on May 16th. The event was successfully organized by the European Bank for Reconstruction and Development (EBRD), notably the largest investor in Armenia.

Source: NEWS.am on Telegram