The program will be implemented exclusively in Armenia’s regions. This program aims to promote Armenia’s territories in proportion to their development and to develop tourism. As a result of the program’s implementation, we expect that tens of thousands of new jobs will be created. This was stated by the Minister of Economy of the Republic of Armenia, Gevorg Papoyan, presenting for discussion at an extraordinary session of the NA Standing Committee on Financial, Credit and Budgetary Issues the draft law “On Ratifying the ‘Armenia Tourism and Regional Infrastructure Program’ Loan Agreement between the Republic of Armenia and the International Bank for Reconstruction and Development”.
According to the Minister of Economy of the Republic of Armenia, Gevorg Papoyan, the total value of the loan agreement signed on July 22, 2025, is 120.5 million euros, of which 96.4 million euros are loan funds, and 24.101 million euros will be co-financed by the Government of the Republic of Armenia. The project completion date is set for August 31, 2030, and the loan disbursement deadline is 4 months after that, on December 31, 2030. The project consists of 4 components.
The loan repayment period is 21 years, with a 9-year grace period. The loan repayments will be made in equal semi-annual installments. The first installment will be made on June 1, 2034, and the last one on December 1, 2045. The loan servicing and repayment currency is the euro, and the loan interest rate is floating. Loan servicing payments will be made semi-annually, on June 1 and December 1 of each year. The one-time commission fee is 0.25 percent of the loan amount, payable no later than 60 days after the agreement enters into force. To manage interest rate risk, the borrower can switch the floating base rate to an equivalent fixed rate.
The Minister noted that the program aims to increase Armenia’s tourism potential across at least 7 clusters; new clusters and instruments may be added as the program progresses. It is planned that the Goris tourism cluster will be completed. The second is Areni, the third is Yeghegis, and the fourth is Jermuk. Gyumri, Dilijan, Dvin follow.
The Minister answered the deputies’ questions.
The committee gave a positive conclusion to the draft law. It is planned to discuss it during the upcoming regular sessions of the National Assembly.
The issue was discussed on February 9.
The committee also discussed the 2025 annual report of the National Assembly Budget Office. The work carried out was detailed by Karine Badalyan, the coordinating expert of the Budget Office. It was noted that the office’s activities were aimed not only at providing information but also at continuously strengthening the oversight, analytical, and advisory functions of the National Assembly, ensuring a more transparent and data-based discussion of budget processes.
The document was taken into account.
