Armenia will announce an international tender to build the Sisian-Kajaran section of the country’s North-South Road Corridor.

Armenian PM Nikol Pashinyan, at a cabinet session today, said the project will cost an estimated 474.3 billion AMD (US$983.5 million).

To date, Armenia has signed loan agreements with the Asian Development Bank (ADB), the European Investment Bank (EIB) and the Eurasian Stabilization Development Fund for the implementation of the North-South program.

Pashinyan said the project will both ensure the security of Armenia’s southern regions, spur local development, and increase freight transit through the country.

He said construction would start by the end of 2022.

Armenia and the EU are now discussing possible payment options.