The Department of Transport has approved £60m of central government funding towards the project, to supplement Devon County Council’s own funding.
According to the Department for Transport, the total costs of the scheme is £67.6m.
County council cabinet meeting notes from June 2020, approving the appointment of a contractor, put the overall budget of £93m.
The name of the chosen contractor has yet to be disclosed.
The North Devon Link Road serves as a gateway to northern Devon and northern Cornwall, connecting the regions to the rest of Devon and the UK via the M5. The route is comprised of the A39/A361 from the M5 Junction 27 to Abbotsham Cross Roundabout.
Works will focus on a 4.8-mile stretch between South Molton and Barnstaple. The route will get a wider carriageway and eight junctions will be upgraded to boost capacity.
The road building project will also open up land for construction of 6,700 new homes in the area.