ArmInfo. The International Bank for Reconstruction and Development (IBRD, World Bank Group) will provide Armenia with EUR 96.4 million for the implementation of the "Tourism and Regional Infrastructure Development" program. At its meeting on February 9, the Committee on Financial, Credit, and Budgetary Affairs of the National Assembly of the Republic of Armenia approved the agreement with the Bank submitted for ratification.
In his speech, RA Minister of Economy Gevorg Papoyan noted that the document was signed on July 22, 2025. Essentially, as Papoyan noted, this is a continuation of the previous program called TRIPP, which, however, has no relation to the transport corridor initiated by the United States and Armenia. Negotiations on the new program began in 2024, when the Armenian-American project was unknown. The minister continued, "The current appearance of Gyumri, Goris, Dilijan, Jermuk, and Garni was made possible solely by this program." Approximately $40 million was spent on its implementation.
Given the program's success, the World Bank and the Armenian government have reached an agreement to continue it. The total cost of the project is ?120.5 million, of which $96.4 million is an IBRD loan.
Government co-financing will amount to ?24.1 million. The program's completion date is set for August 31, 2030, and the loan will be utilized until December 31, 2030. The program will be implemented by the Regional Development Fund of Armenia, which will be responsible for holding tenders, concluding contracts, and monitoring the quality of work. At today's exchange rate, the minister noted, the loan interest rate will be approximately 3%.
The goal of the program is to increase Armenia's tourism potential through "soft" investments in the infrastructure of several regions of the country. Specifically, the program will stimulate the growth of at least seven selected tourism clusters, promoting the development of wine, resort, adventure, cultural, educational, and ecotourism in the regions of Ararat, Vayots Dzor, Shirak, Tavush, and Syunik. A prerequisite for the program's launch is the creation of a Program Management Committee, chaired by the Deputy Prime Minister overseeing the sector. The program specifically plans to fully complete the modernization of Goris, making it an attractive region for tourism development. The construction of streets, parks, and squares in Gyumri, Jermuk, and other regions of the country will also be completed.
