YEREVAN, February 9. /ARКА/. At its meeting on Monday, the Standing Committee on Financial, Credit, and Budgetary Affairs of the Armenian National Assembly approved the ratification of a €120.5 million loan agreement with the International Bank for Reconstruction and Development (IBRD, a World Bank entity) for the Tourism and Regional Infrastructure Development Program (TRIP) in Armenia.
According to Armenian Economy Minister Gevorg Papoyan, the agreement was signed on July 22, 2025. Of the total amount, €96.4 million is an IBRD loan, and €24.1 million is co-financing from the Armenian government.
“The program’s completion date is August 31, 2030, and the final deadline for disbursing the loan proceeds is four months after the program’s completion date, that is, December 31, 2030,” the minister noted.
According to him, TRIP aims to increase Armenia’s tourism potential in at least seven tourism clusters. Specifically, the comprehensive development of the Goris tourism cluster is planned, transforming the city into a unified tourism environment. The government intends to further allocate tens of millions of dollars within the program.
“Areni will become a wine cluster. The Areni development plan has already been developed and approved, taking into account the growth of wine tourism in Armenia. Infrastructure development in Yeghegis is also envisaged, particularly in the area of agrotourism. Comprehensive development is also planned for the Jermuk cluster, where a number of infrastructure projects will be implemented. Programs will also be implemented in Gyumri, Dilijan, and Dvin,” Papoyan said.
The minister emphasized that the program, which is planned to be implemented exclusively in the regions, is in line with the World Bank’s approach aimed at attracting private capital to the development of tourism clusters.
He also stated that the program consists of four components: promoting integrated and sustainable cluster development; support for climate-resilient infrastructure and stimulating private sector participation in the local economy; program management and operational support; and a contingent emergency response component.
