Armenia and the European Bank for Reconstruction and Development will sign a loan agreement on the allocation of 236 million euros for the construction of the Gajaran-Karakilisa road of the "North-South" corridor.

Axar.az informs that the Armenian press reported on this.

According to information, the total cost of the project is about 373 million euros. The new road will be divided into northern, southern and central parts. The loan funds will be used for the construction of the southern part. The road will reduce the distance from Gajaran to Karakilsa from 118 kilometers to 60 kilometers, and the average speed will increase from 50 kilometers to 100 kilometers per hour. The construction is planned to be completed by 2030. The signing ceremony will take place within the framework of the annual meeting of the European Bank for Reconstruction and Development in Yerevan, which began on May 14 and will continue until May 16.