The European Investment Bank (EIB) has signed an agreement to grant €12m to the Republic of Armenia for supporting the completion of the North-South Road Corridor, under the Neighbourhood Investment Facility (NIF).

The North-South Road Corridor is reported to be a strategic part of Armenia’s transport infrastructure.

The NIF grant will be offered by the EIB on behalf of the European Commission to the Republic of Armenia, which includes €6m investment grant and €6m technical assistance component.

The €6m investment grant will be used for financing works and supplies necessary for the Armenia North-South Road Corridor Investment Programme and the €6m technical assistance component was already signed last year.

EIB vice-president Jan Vapaavuori said: “I very much appreciate that the European Investment Bank together with the European Commission are joining forces with the Republic of Armenia to develop adequate, efficient and safe road infrastructure improving people’s quality of everyday life and fostering economic growth and regional cooperation.”

Republic of Armenia Minister of Finance Vardan Aramyan further explained the importance of infrastructure projects in Armenia, and expressed gratitude to the EU for its continuous support through NIF funding.

"For a country like Armenia, connectivity is a necessity."

He also emphasised on the stressed the fruitful cooperation with the EIB aimed at infrastructural development and its efforts for mobilising grant resources.

EU Delegation to Armenia Ambassador and Head Piotr Antoni Switalski said: “For a country like Armenia, connectivity is a necessity.

“The EU is delighted to be able to contribute to the efforts made by the EIB to ensure that Armenian citizens and businesses can circulate more freely and safely in Armenia and access more easily other neighbouring territories and markets.”

Image: The signing of the agreement. Photo: courtesy of The European Investment Bank.