The World Bank Group’s Board of Executive Directors has approved a $100 million project aimed at enhancing infrastructure resilience and strengthening the tourism sector in Armenia. The Tourism and Regional Infrastructure Improvement Project is designed to create job opportunities, attract private investment, and stimulate sustainable economic growth, particularly outside the capital.

According to a World Bank press release, the initiative will benefit over one million residents and visitors annually by upgrading roads, improving access to urban services, and enhancing the overall tourism experience in seven locations: Areni, Dilijan, Dvin, Goris, Gyumri, Jermuk, and Yeghegis.

“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,” said Carolin Geginat, World Bank Country Manager for Armenia.

The project will support local communities by improving the durability and economic return of tourism investments. It includes the promotion of business and professional skills development within the tourism value chain, encouraging private sector participation, and fostering disaster-resilient practices.

Institutional capacity building in the tourism sector is also a priority. The project is aligned with the Bank’s five-year Country Partnership Framework for Armenia, which prioritizes export growth, business competitiveness, human capital, and environmental sustainability.

The Bank noted that the initiative supports Armenia’s broader goals of poverty reduction and economic resilience. Since joining the World Bank in 1992, Armenia has received approximately $3 billion in financing. The current portfolio stands at around $300 million. Armenia also became a donor to the International Development Association (IDA) in 2023.