The Armenian Cabinet has approved the signing of a €120.5 million loan agreement with the International Bank for Reconstruction and Development (IBRD), a structure of the World Bank, for the “Tourism and Regional Infrastructure of Armenia” program.
According to Deputy Minister of Economy Arman Khojoyan, the program aims to support seven prioritized tourism clusters across the communities of Areni, Dilijan, Dvin, Gyumri, Jermuk, Goris, and Yeghegis. It will stimulate wine, health, adventure, cultural, educational, and ecological tourism in various regions of Armenia.
The project, officially titled the Tourism and Regional Infrastructure Improvement Project (TRIP), will be implemented through four main components. These are designed to improve access to climate-resilient infrastructure for local communities and visitors, enhance the attractiveness of selected sites, enable job creation, and increase tourism’s contribution to the local economy.
“The focus of the program will be to connect tourists with these clusters and invest in improving infrastructure in tourist areas to preserve cultural and natural heritage values, strengthen business and professional skills,” said Khojoyan, adding that this will create new jobs in the communities.
The total cost of the program, to be implemented by the end of 2030, is €120.5 million, of which €24.1 million will be co-financed by the Armenian government.
