The global division of the European Investment Bank (EBB Global) has signed a loan agreement of around 236 million euros with Armenia to co-finance the construction of the most important section of the "North-South" road corridor, the Sisian-Qajaran road section.
This project is meant to be a game-changer for Armenia and the South Caucasus region, significantly improving transport links between the European Union, the Middle East and Asia.
This is stated in the Bank's releasein the message.
The EU will provide Armenia with a EUR 10 million grant, which will supplement the EIB's EUR 25 million loan aimed at improving energy efficiency and rebuilding 6 clinics and 32 kindergartens in Yerevan.
Also, EBRD Global provides a loan of 58.5 million euros to three Armenian banks in order to expand lending to micro, small and medium enterprises (SMEs) in the country. The European Commission is adding 11 million euros in grants to banks to meet the growing demand for long-term financing in local currency for Armenian SMEs.
