The European Investment Bank's global arm (EIB Global) has signed a landmark €236 million loan agreement with Armenia to finance the construction of the crucial Sisian-Kajaran road segment. This represents the largest financing contract ever between EIB and Armenia, marking a significant milestone in their cooperation.
According to the EU Delegation to Armenia, the project, part of the north-south transport corridor, aims to transform regional connectivity between the European Union, Middle East, and Asia. The climate-resilient infrastructure will contribute to reduced travel distances, lower vehicle operating costs, and improved road safety, while facilitating access to both domestic and international markets.
EIB Vice-President Teresa Czerwińska emphasized the transformative nature of the project, stating it will serve as a major artery in the region's transport network and provide Armenia with enhanced access to global markets. EU Ambassador to Armenia Vassilis Maragos highlighted that the project exemplifies Team Europe's support under the EU's Economic and Investment Plan for Armenia.
Armenian Finance Minister Vahe Hovhannisyan noted that the road construction would significantly boost the country's economic growth and strengthen both regional and international connectivity. Deputy Prime Minister Mher Grigoryan emphasized the project's alignment with the government's "Crossroads of Peace Project," aimed at ensuring sustainable regional connectivity and stability.
As a flagship initiative under the EU Global Gateway and the EU Economic and Investment Plan for the Eastern Partnership, the Sisian-Kajaran road project will enhance economic growth, regional security, and environmental resilience while serving as a key link in the Trans-European Transport Network corridor. Special attention has been given to the project's potential impact on the sustainable socioeconomic development of Armenia's Syunik province.
