World Bank Approves $100 Million Project to Boost Tourism and Infrastructure in Armenia • MassisPost

WASHINGTON, DC — The World Bank Group’s Board of Executive Directors has approved a $100 million project aimed at enhancing access to resilient infrastructure and strengthening the role of tourism in Armenia’s economy. The initiative will create job opportunities, attract private investment, and benefit both local communities and visitors in seven key regions across the country.

The Tourism and Regional Infrastructure Improvement Project seeks to address critical challenges in Armenia’s tourism sector. Over one million residents and visitors annually are expected to benefit from improved roads, better access to urban infrastructure services, and enriched tourism experiences in the targeted areas.

By promoting sustainable tourism practices and enhancing business and professional skills within the tourism value chain, the project aims to unlock the economic and employment potential of regions beyond the capital city. These efforts are expected to improve the quality of life for residents and stimulate local economic activity.

“By improving infrastructure and encouraging sustainable tourism, this project will not only make key destinations more attractive but also help create jobs and drive local economic growth,” said Carolin Geginat, World Bank Country Manager for Armenia. “The project aligns with the World Bank’s Country Partnership Framework for Armenia over the next five years, which focuses on increasing exports and business competitiveness, strengthening people’s capacity and opportunity to contribute to the economy, and ensuring better and more sustainable environmental and resource management practices.”

The project will also enhance the capacity of institutions involved in the tourism sector, encourage private sector participation, and implement disaster resilience measures in the seven designated tourism areas: Areni, Dilijan, Dvin, Goris, Gyumri, Jermuk, and Yeghegis.

The World Bank remains committed to supporting Armenia’s development goals, including poverty reduction and the pursuit of a more prosperous and resilient future. Since 1992, the World Bank has provided approximately $3 billion to Armenia, including a current portfolio of around $300 million in investment lending, grants, analytical work, and technical assistance. Funding sources include the International Bank for Reconstruction and Development (IBRD), trust funds, and the International Development Association (IDA)—to which Armenia became a donor in 2023.

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