Cabinet approves €120.5 million loan agreement with IBRD aimed at tourism and infrastructure

The Cabinet has approved the signing of the Armenia Tourism and Regional Infrastructure Project loan agreement between Armenia and the International Bank for Reconstruction and Development.

The project is worth 120,500,000 euros. 24,100,000 euros of the total amount is the government’s co-funding.

Tourism and Regional Infrastructure Improvement Project (TRIP) consists of four components that will collectively contribute to improving the access to climate-resilient infrastructure for the benefit of local communities and visitors, enhancing the attractiveness of selected sites, enabling job creation, and increasing the contributions to the local economy from the tourism sector in seven prioritized clusters of Areni, Gyumri, Goris, Dilijan, Dvin, Jermuk and Yeghegis.