ArmInfo. The International Bank for Reconstruction and Development (IBRD, World Bank Group) will provide EUR96.4 million to Armenia for the "Tourism and Regional Infrastructure Development" program. The National Assembly of the Republic of Armenia ratified the agreement with the Bank at its plenary session on February 11.
In his speech, RA Minister of Economy Gevorg Papoyan emphasized that the document was signed on July 22, 2025. Essentially, as Papoyan noted, this is a continuation of the previous program, which succeeded in enhancing the attractiveness of Gyumri, Goris, Dilijan, Jermuk, and Garni. Approximately $40 million was spent on that program. Given the success of the first program, the World Bank and the Armenian government have reached an agreement to continue it. The total cost of the project is EUR120.5 million, of which $96.4 million is an IBRD loan, with government co-financing of EUR24.1 million. The program's completion date is 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. According to the minister, at the current exchange rate, 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, which will be chaired by the Deputy Prime Minister overseeing the sector. The program, in particular, plans to fully complete the modernization of Goris, making it an attractive region for tourism development. Construction of streets, parks, and public gardens in Gyumri, Jermuk, and other regions of the country will also be completed.
