The European Investment Bank (EIB) could fund part of a $962m railway project in Armenia.

The bank is expected to allocate €120m ($147m) to build the Ashtarak-Gyumri railway line.

The line will connect Armenia to Georgian Black Sea ports, according to

German-Austrian company ILF delivered the construction plan while PADECO worked on the feasibility study.

The project is also receiving financial support from the Asian Development Bank.