The European Union and the World Bank will allocate €700 million to Armenia.

In a bid to boost connectivity and economic growth in the Eastern Partnership (EaP) countries, the European Commission and the World Bank have co-authored a Trans-European Transport Network (TEN-T) Investment Action Plan that identifies priority projects in Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine.

Together, the projects will require an estimated investment of almost €13 billion and foresee a total of 4800 kilometres of road and rail, six ports, and 11 logistics centres.

According to RFE/RL Armenian Service, the majority of the projects set to be implemented in Armenia are connected with the North-South Road Corridor.

A document published by the EU on Wednesday, January 16 reveals that €450 will be spent on the construction of a road section connecting the Armenian towns of Artashat and Agarak (346km in total).

Furthermore, €15 million will be allotted to the modernization of Meghri border checkpoint in the country’s south.