Armenia to boost tourism and regional infrastructure: €120.5 million loan agreement with IBRD approved

YEREVAN, July 10. /ARKA/. At a meeting on Thursday, the Armenian government approved a proposal to sign a loan agreement with the International Bank for Reconstruction and Development (IBRD, a WB structure) under the “Tourism and Regional Infrastructure of Armenia” program for €120.5 million.

As Deputy Minister of Economy of Armenia Arman Khojoyan stated, the program is aimed at supporting seven separate tourism clusters out of 20 in the communities of Areni, Dilijan, Dvin, Gyumri, Jermuk, Goris and Yeghegis in order to stimulate wine, health, adventure, cultural and educational tourism, as well as ecotourism in various regions of Armenia.

"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," Khojoyan said, adding that this will create new jobs in the communities. He said the total cost of the program, which will be implemented by the end of 2030, is 120.5 million euros, of which 24.1 million will be co-financed by the government.