The European Investment Bank has signed a loan agreement with Armenia
The European Investment Bank’s Global Unit (EIB Global) has signed a €236 million agreement with Armenia to co-finance the construction of the Sisian-Kajaran road section.
This road section is a key part of the “North-South” transport corridor, which is intended to connect the European Union, the Middle East, and Asia.
The project will reduce travel distances, which in turn will lower vehicle operating costs and road accidents.
The construction of the Sisian-Kajaran road section will be a significant boost to Armenia’s economic growth, strengthen both regional and international connectivity, improve transportation safety and efficiency, and play a decisive role in the broader goals of the country’s infrastructure development, – stated Minister of Finance Vahe Hovhannisyan.
The European Investment Bank (EIB) is a long-term financing institution of the European Union, owned by its member states. It provides long-term financing for reliable investments, supporting the EU’s policy goals in four priority areas: infrastructure, innovation, climate and environment, and small and medium-sized enterprises.