The European Bank for Reconstruction and Development will provide a €10.6 million loan to Armenia to co-finance the construction of a new border crossing point near the town of Meghri on the border with Iran, Chairman of the State Revenue Committee Edvard Hovhannisyan said on Friday, September 18.

The current infrastructure in Meghri is outdated.

According to information posted on the bank's website, the operational, technical, engineering, environmental and safety conditions at the BCP need to be improved in order to meet modern safety and security requirements and adhere to international border management standards.

Hovhannisyan said Friday that the new border crossing point will be ready in 2023, with a stronger capacity and a bigger area.

The project will improve the quality and technical conditions of the border crossing-point infrastructure. It will also contribute to the operational continuity of freight and passenger flows through Meghri BCP and thus to regional cross-border integration.