The World Bank Group has approved a $100 million initiative aimed at enhancing Armenia's tourism and local infrastructure. The project seeks to improve infrastructure quality and spur economic growth by creating job opportunities and drawing private investments in various regions across the country.
This effort, termed the Tourism and Regional Infrastructure Improvement Project, targets key challenges in Armenia's tourism sector. It is anticipated that more than 1 million residents and visitors will benefit each year from upgraded infrastructure and enhanced tourism services in selected project areas.
The project emphasizes sustainable tourism practices and aims to elevate business and professional skills in Armenia's tourism industry, particularly outside the capital. Enhancing these regions' economic potential and job prospects and improving residents' quality of life are central aspects of the initiative.
Carolin Geginat, World Bank Country Manager for Armenia, stated, "By improving infrastructure and encouraging sustainable tourism, this project will not only make key destinations more attractive but will also help create jobs and drive local economic growth." She further highlighted that the project aligns with the World Bank’s Country Partnership Framework for Armenia, which targets improving exports, business competitiveness, and sustainable management practices.
The project also includes measures to enhance institutional capacity in tourism, encourage private sector involvement, and promote disaster resilience across seven tourism areas: Areni, Dilijan, Dvin, Goris, Gyumri, Jermuk, and Yeghegis.
The World Bank remains committed to supporting Armenia's development, aiming to reduce poverty and foster a resilient and prosperous future. Since 1992, the World Bank has provided approximately $3 billion through various means, including investment lending and technical assistance. Armenia became a donor to the International Development Association (IDA) in 2023, continuing its partnership with the World Bank.